TORONTO, Nov. 19, 2023 /CNW/ - Berger Montague (Canada) PC, a Toronto-based law firm that focuses on representing investors in cross-border shareholder disputes, is investigating Canacol Energy Ltd. (TSX: CNE) (USOTC: CNNEF) and (FRA: 3B6.F) and is subject to the disclosure rules created by the Province of Alberta's Securities Act.
On October 24, 2022, CNE announced that it executed an agreement with Shanghai Engineering and Technology Corp. ("SETCO"), what appears to be a company (or syndicate of individuals), unregistered anywhere that can be found on normal internet channels, to construct a 289 km long, 22 inch diameter, gas pipeline from Canacol's Jobo gas processing facility ("Jobo Station") to the city of Medellin, Colombia.
During the summer of 2023, CNE reported that it was seeking to change its auditor for undisclosed reasons. CNE never reported any problems with EPM or SETCO.
On October 19, 2023, CNE reported that it was terminating the contract and walking away from the Medellin Project because of a pattern of ever increasing legal, social, and security obstacles. The market impact was harsh and immediate; the value and price of CNE's dropped by over 33%.
If you purchased shares of Canacol between October 24, 2022 and October 19, 2023, and would like to know more about our investigation or the pending shareholder class action, please contact us at info@bergermontague.ca.
We thank prior stakeholders and continue to invite shareholders and new stakeholders to provide us information about SETCO and identify the alleged legal, social, and security obstacles with EPM.
Berger Montague (Canada) PC is one of the leading Canadian law firms that represent investors in shareholder class actions where the corporate defendant lists securities cross-border and in Europe. Andrew Morganti, a member of Berger Montague (Canada) PC served as the investors' co-lead lawyers in the first "statutory law" shareholder class action allowed to advance forward to discovery and a trial relating to Ithaca Energy Inc., and that judgment is identified as Stevens v. Ithaca Energy Inc., 2019 ABQB 474.
SOURCE Berger Montague (Canada) PC
View original content: http://www.newswire.ca/en/releases/archive/November2023/19/c2076.html
Questions may be directed to: Berger Montague (Canada) PC, 330 Bay Street, Suite 1302, Toronto, ON M5H 2S8, Email: Jim Maro at jmaro@bm.net or Andrew Morganti at amorganti@bm.net.