Key Developments Regarding Reconnaissance Energy Securities Case
Overview of Reconnaissance Energy Africa Ltd. Case
In recent developments, all individuals and entities who acquired common stock of Reconnaissance Energy Africa Ltd. or its predecessor, Lund Enterprises Corp., on the U.S. OTC market, are being notified of a class action lawsuit that has been certified. This information affects those who purchased stocks under the ticker symbols "RECAF," "LGDOD," and "LGDOF" in a specified timeframe.
Pendancy of Class Action and Proposed Settlement
The U.S. District Court for the Eastern District of New York is currently overseeing this class action as specified in a Summary Notice issued to affected U.S. Settlement Class members. This settlement represents an attempt to resolve claims related to the securities litigation associated with ReconAfrica.
Settlement Details
The proposed settlement amounts to $9,425,000 Canadian dollars. If the judicial authorities approve this settlement, it will cover all claims associated with the U.S. Action. Additionally, there is a related settlement ongoing in Canada, forming part of a global resolution contingent on the approval of both settlements by their respective courts.
Fairness Hearing Schedule
A crucial hearing is set to commence where the fairness and reasonability of the settlement will be deliberated. Individuals impacted by the case are encouraged to participate in this process.
Rights of the U.S. Settlement Class Members
It is essential for participants within this class to understand that their rights will be affected by the proposed settlement. They may be entitled to share in the U.S. Settlement Fund if they comply with the necessary stipulations by submitting the U.S. Claim Form.
Exclusion and Objection Procedures
Members of the class who choose to exclude themselves must follow specific instructions outlined in detailed communication. To maintain eligibility for settlement distribution, it is imperative that the required forms are submitted on time.
Contact Information for Queries
For any further inquiries regarding this notice, affected parties should direct their questions to the designated U.S. Lead Counsel or the U.S. Claims Administrator. It is crucial not to reach out to the court or opposing counsel directly regarding these matters.
Frequently Asked Questions
What is the essence of the announced settlement?
The settlement aims to resolve claims involving shares purchased from Reconnaissance Energy Africa Ltd. by providing financial compensation to affected shareholders.
How can I confirm if I belong to the U.S. Settlement Class?
If you purchased publicly traded common stock of Reconnaissance Energy Africa Ltd. during the outlined period, you are likely part of the U.S. Settlement Class.
What should I do if I want to exclude myself?
To exclude yourself from the settlement, submit a request following the guidelines provided in the U.S. Notice by the specified deadline.
When is the fairness hearing taking place?
The fairness hearing is scheduled for a future date where judicial determination regarding the settlement will be evaluated.
Where can I get more information about the settlement?
For more detailed information, reach out to the U.S. Lead Counsel or visit the settlements’ information repository, which provides comprehensive guidance.
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