New York, New York--(Newsfile Corp. - October 20, 2021) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Reconnaissance Energy Africa Ltd. (OTCQX: RECAF) resulting from allegations that ReconAfrica may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased ReconAfrica securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to http://www.rosenlegal.com/cases-register-2100.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On May 11, 2021, National Geographic published an article entitled "Oil company exploring in sensitive elephant habitat accused of ignoring community concerns: Namibians allege ReconAfrica disposed of wastewater unsafely, without permits, and ignored concerns about potential impact of oil drilling on water and wildlife." The article reported, among other things, that ReconAfrica "is disposing of wastewater without permits, according to a government minister." On this news, ReconAfrica's share price fell 6% to close at $7.50 per share on May 11, 2021.
On June 24, 2021, Viceroy Research published a report entitled "ReconAfrica - No Oil? Pump Stock: Drilling blind for oil in Namibia: ReconAfrica is a stock-promoted junior explorer drilling imaginary oil basins in a fragile ecosystem. A disaster waiting to happen." This Viceroy report stated, among other things, that "RECO has a near-zero chance of finding any asset of value in their exploration site, and an even lower chance to capitalize on any find[,]" and that "[t]he rise in RECO's share price has been accompanied by several shill pieces either commissioned by RECO or written by parties with a clear conflict of interest." On this news, ReconAfrica's shares fell 17% on June 25, 2021, on unusually heavy trading volume.
On September 7, 2021, Viceroy published another 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." On this news, ReconAfrica's shares fell $0.68, or 12%, to close at $4.65 per share on September 7, 2021, further damaging investors.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
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Attorney Advertising. Prior results do not guarantee a similar outcome.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
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