SOURCE: Izard Nobel LLP

December 10, 2009 14:26 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Former Executives of Canadian Superior Energy, Inc.

WEST HARTFORD, CT--(Marketwire - December 10, 2009) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased the common stock of Canadian Superior Energy, Inc. ("Canadian Superior") (NYSE Amex: SNG) between January 14, 2008 and February 17, 2009, inclusive (the "Class Period").

The Complaint charges that certain of Canadian Superior's former executives violated federal securities laws. On August 16, 2007, Canadian Superior and Challenger Energy announced that BG International Limited ("BG") entered into a farm-in agreement and joint operating agreement ("Joint Operating Agreement") with Canadian Superior to participate in the exploration drilling and development of the Intrepid Block 5(c) (the "Joint Venture"). The Complaint alleges that defendants failed to disclose: (i) the discovered reserves for Intrepid Block 5(c) were below the economic threshold for development; (ii) that Canadian Superior had notified BG of its intention to commence a corporate sale in November 2008 to overcome the financial constraints that were preventing it from meeting its funding obligations under the Joint Operating Agreement; (iii) that Canadian Superior had violated the terms of the Joint Operating Agreement with BG, potentially endangering its interest in the Joint Venture; and (iv) Canadian Superior failed to timely pay Maersk, the drilling operator, and potentially other contractors.

If you are a member of the class, you may, no later than February 8, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/canadiansuperiorenergy/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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