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Reconnaissance Energy Africa Ltd fka Lund Enterprises Corp

Company NameReconnaissance Energy Africa Ltd fka Lund Enterprises Corp
Stock SymbolRECAF
Class PeriodFebruary 28, 2019 to September 07, 2021
Lead Plaintiff Motion DeadlineDecember 27, 2021

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.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) ReconAfricas 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 ReconAfricas 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. When the true details entered the market, the lawsuit claims that investors suffered damages.

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