SOURCE: Brower Piven, A Professional Corporation

October 15, 2008 16:46 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $50,000 From Investment in Cano Petroleum, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the December 8, 2008 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - October 15, 2008) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of all purchasers who purchased the common stock of Cano Petroleum, Inc. ("Cano" or the "Company") (AMEX: CFW) issued pursuant to a registration statement and prospectus filed with the SEC in connection with Cano's June 26, 2008 secondary public offering.

The complaint charges certain of the Company's directors and underwriters with violations of the Securities Act of 1933 including that the registration statement and prospectus filed with the SEC for the Cano shares issued in the Secondary Offering contained statements concerning proved reserve amounts and standards that were materially false and overstated Cano's proved reserves.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 8, 2008 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through hoffman@browerpiven.com or 410/332-0030) to answer any questions you may have in that regard.

If you have suffered a net loss for all transactions in Cano Petroleum, Inc. common stock pursuant to a registration statement and prospectus filed with the SEC in connection with Cano's June 26, 2008 secondary public offering, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-332-0030, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/332-0030
    Email Contact