In May 2010, Siskinds LLP and Jensen Shawa Solomon Duguid Hawkes LLP filed a proposed class action against Sonde Resources Corp., formerly known as Canadian Superior Energy Inc. (“Sonde Resources”). Also named as defendants were Challenger Energy Corp. (“Challenger”), and certain senior officers of Sonde Resources and Challenger. The class action asserted claims in negligence, negligent and fraudulent misrepresentation, unjust enrichment and oppression. In addition, the plaintiffs intended to seek leave to pursue claims under Part XXIII.1 of the Ontario Securities Act.
The allegations in the statement of claim concerned, among other things, disclosures relating to Sonde Resources’ and Challenger’s natural gas exploration project in Block 5(c), located offshore in the Republic of Trinidad and Tobago, as well as Sonde Resources’ stock option practices.
A similar action was also filed in the United States District Court for the Southern District of New York.
In June 2011, the parties to the Ontario and U.S. litigation entered into an agreement to settle the plaintiffs’ claims in all actions for US$5.2 million. The settlement class comprises all persons who purchased or otherwise acquired Sonde Resources common stock between January 14, 2008 and February 17, 2009, except for certain excluded persons. The settlement agreement is made without any admission of liability, wrongdoing or fault by the defendants. You may view a copy of the Settlement Agreement here: [English].
The claim deadline has now passed. Cheques were mailed to eligible claimants in May 2013.
For further information concerning this action, please fill out the Get In Touch form below. You can also contact the administrator for the settlement by telephone at 1-866-432-5534 or by email at [email protected].