Lawsuits ExplainedAlleged misrepresentations and ESG violations committed by the Co.
These type of lawsuits are your so-called "Stock Drop" lawsuits due to over-hyped pumping that resulted in the consequent sharp dropping of stock prices bringing losses to investors who bought into the aggressive touting by paid investment advisors and management peddling the stock.
The current lawsuits against the Co will claim that the Co. made material misstatements in earlier news releases concerning unconventional shale oil and changed it to conventional oil after the Namibian Govt said the Petroleum Lic did not allow for shale oil extraction. No conventional oil has been discovered to-date according to the Govt. Also, claim of billions of oil in place at the basins not proven.
The lawsuits will likely draw the scrutiny of SEC and regulatory agencies.