The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Reconnaissance Energy Africa Ltd. f/k/a Lund Enterprises Corp. (Other OTC: RECAF) who purchased shares between February 28, 2019 and September 7, 2021. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the ReconAfrica lawsuit alleges that (1) ReconAfrica’s plan for using unconventional means for energy extraction (including fracking) in the fragile Kavango area; (2) ReconAfrica would begin unlicensed drilling tests; (3) ReconAfrica would illegally use water for well testing; (4) ReconAfrica would illegally store used water in unlined pools; (5) ReconAfrica would skirt Namibian law and hire an inadequate and inappropriate consultant; (6) as a result, ReconAfrica risked future well, drilling, and water-related licenses in Namibia and Botswana; (7) as opposed to its representations, ReconAfrica did not reach out nor provide adequate information (including in relevant local languages) through accessible means to those to be impacted by its testing and potential energy extraction; (8) ReconAfrica’s interests are in the Owambo Basin, not the so-called Kavango Basin; (9) ReconAfrica has continuously engaged in stock pumping; and (10) as a result of the foregoing, Defendants’ public statements were materially false and/or misleading at all relevant times.
Shareholders have until December 27, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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