Green & Jigarjian LLP Announces Securities Class Action Lawsuit Against Canadian Superior Energy Inc. (SNG)

The law firm of Green & Jigarjian LLP announces that a class action lawsuit was filed in the Southern District of New York on April 12, 2004, on behalf of purchasers of the securities of Canadian Superior Energy Inc. ("Canadian Superior" or the "Company") (AMEX:SNG) between December 18, 2003 and March 10, 2004, inclusive (the "Class Period"), seeking to recover damages caused by the Company's alleged violations of federal securities laws and pursue remedies under the Securities Exchange Act of 1934. A copy of the complaint filed in this action is available from the Court, or can be viewed on Green & Jigarjian's website at www.classcounsel.com.

(PRWEB) April 24, 2004 --The action, case number 04 CV 02788, is pending in the United States District Court for the Southern of New York against defendants Canadian Superior Energy Inc., Gregory S. Noval, Robert A. Pilling and Michael Coolen.

The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The Complaint charges that, throughout the Class Period, defendants issued a series of materially false and misleading statements about the operative effects of its El Paso "Mariner" I-85 well offshore Nova Scotia, Canada. In its February 24, 2004, press release, defendants reported that "the Canadian Superior El Paso "Mariner" I-85 well will set a new low cost, "best value", record for modern drilling offshore Nova Scotia." Defendants' statements concerning the Company's high profile Mariner I-85 exploration well failed to disclose and indicate that defendants knew or were reckless in not knowing that the well was not proceeding with "outstanding progress," and that the actual well costs for the drilling were far exceeding the original budget. As a result of defendants' alleged materially false and misleading statements, the market price of Canadian Superior securities was artificially inflated during the Class Period. Moreover, while allegedly in possession of materially adverse information, the Complaint also charges that defendant Noval sold 25% of his stock in Canadian Superior at artificially inflated prices.

Less than three weeks after the Company issued the glowing positive reports about the Mariner well, on March 11, 2004, the Company announced that it was abandoning the Mariner I-85 exploration well, citing budget constraints for the decision. On this news, Canadian Superior's stock plunged from $3.24 on March 10, 2004, to close at $1.80 on March 11, 2004, on heavy volume of 14.9 million shares.

Plaintiff seeks to recover damages sustained as a result of defendants' alleged wrongdoing on behalf of all those who purchased or otherwise acquired Canadian Superior securities during the Class Period. If you bought the securities of Canadian Superior Energy Inc. between December 18, 2003 and March 10, 2004, and sustained damages, you may, no later than May 14, 2004, request that the Court appoint you as lead plaintiff.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together served as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Green & Jigarjian LLP, or other counsel of your choice, to serve as your counsel in this action.

Green & Jigarjian LLP is a San Francisco-based law firm and is active in major litigations pending in federal and state courts throughout the United States. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests as a potential class member or lead plaintiff, please contact the following attorney:

Robert A. Jigarjian, Esq.
GREEN & JIGARJIAN LLP
235 Pine Street, 15th Floor
San Francisco, CA 94104
Telephone: (415) 477-6700
Facsimile: (415) 477-6710
Email: sng@classcounsel.com
Website: www.classcounsel.com