Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Reconnaissance Energy Africa Ltd f/k/a Lund Enterprises Corp. (“ReconAfrica” or the “Company”) (OTC: RECAF) securities between February 28, 2019 and September 7, 2021, inclusive (the “Class Period”). ReconAfrica investors have until December 27, 2021 to file a lead plaintiff motion.
Investors suffering losses on their ReconAfrica investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On September 7, 2021, Viceroy published a report entitled “ReconAfrica – Another swing, another miss: Despite significant polish, Netherland Sewell’s presentation on ReconAfrica’s 6-2 well is another set of disappointing results.” The report alleges, among other things, that ReconAfrica’s press statement and presentation of data on their first 6-2 well “is a clear attempt to put a positive spin on disappointing drill results but fails to do so under further scrutiny.”
On this news, ReconAfrica’s share price fell $0.68, or 12%, to close at $4.65 per share on September 7, 2021, thereby injuring investors.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose: (1) ReconAfrica's plan for using unconventional means for energy extraction (including fracking) in the fragile Kavango area; (2) that ReconAfrica would begin unlicensed drilling tests; (3) that ReconAfrica would illegally use water for well testing; (4) that ReconAfrica would illegally store used water in unlined pools; (5) that ReconAfrica would skirt Namibian law and hire an inadequate and inappropriate consultant; (6) that, as a result, ReconAfrica risked future well, drilling, and water-related licenses in Namibia and Botswana; (7) that, as opposed to its representations, ReconAfrica did not reach out nor provide adequate information (including in relevant local languages) through accessible means to those to be impacted by its testing and potential energy extraction; (8) that ReconAfrica's interests are in the Owambo Basin, not the so-called Kavango Basin; (9) that ReconAfrica has continuously engaged in stock pumping; and (10) as a result of the foregoing, defendants public statements were materially false and/or misleading at all relevant times.
If you purchased ReconAfrica securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20211103005170/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
