20:31:04 EDT Sun 01 Oct 2023
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Reconnaissance Energy Africa Ltd
Symbol RECO
Shares Issued 202,078,806
Close 2023-05-29 C$ 1.39
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Reconnaissance Energy sued for misleading investors

2023-05-29 20:46 ET - Street Wire

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by Mike Caswell

Catherine Bowles, a shareholder of Reconnaissance Energy Africa Ltd., has filed a lawsuit against the company in the Supreme Court of British Columbia, claiming that it misled her and other shareholders with overly optimistic and misleading disclosure about its operations in Namibia. She says that the company withheld data that would have shown its prospects for achieving oil and gas production were poor. Among other things, the company failed to disclose results from test wells that would have cast considerable doubt on the possibility of commercial operations, the suit states.

The allegations are contained in a notice of claim filed at the Vancouver courthouse on May 23, 2023. Ms. Bowles identifies herself as a B.C. resident who bought shares of Reconnaissance Energy on June 28, 2021, and suffered a loss in the company's subsequent decline. (The company closed at $11.29 on the day of her purchase. Within three months, it was trading under $7.) She is asking that the judge certify her case as a class action lawsuit on behalf of non-insider shareholders who bought the stock between May 30, 2020, and Sept. 7, 2021.

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