NPT RicePoint Class Action Services Inc.

August 16, 2011 05:00 ET

Summary Notice of Pendency and Certification of Class Actions, Proposed Settlement and Settlement Approval/Fairness Hearings

LONDON, ONTARIO--(Marketwire - Aug. 16, 2011) -

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
x
In re CANADIAN SUPERIOR SECURITIES LITIGATION : Master File No. 1:09-cv-10087-SAS
: CLASS ACTION
This Document Relates To: :
ALL ACTIONS. x
ONTARIO Court File No.: 1626CP
SUPERIOR COURT OF JUSTICE
BETWEEN DOUGLAS DEVLIN, et al. Plaintiffs
- and -
GREG S. NOVAL, LEIGH BILTON, MICHAEL E. COOLEN, CHARLES DALLAS, THOMAS J. HARP, CRAIG MCKENZIE, ALEXANDER SQUIRES, ROBB D. THOMPSON, RICHARD WATKINS, LEIF SNETHUN, SONDE RESOURCES CORP. (f.k.a. CANADIAN SUPERIOR ENERGY INC.) and CHALLENGER ENERGY CORP. Defendants
Proceeding under the Class Proceedings Act, 1992
ONTARIO Court File No.: 1358/10CP
SUPERIOR COURT OF JUSTICE
BETWEEN DOUGLAS DEVLIN Plaintiff
- and -
GREG S. NOVAL, LEIGH BILTON, MICHAEL E. COOLEN, CHARLES DALLAS, THOMAS J. HARP, CRAIG MCKENZIE, ALEXANDER SQUIRES, ROBB D. THOMPSON, RICHARD WATKINS, LEIF SNETHUN, CANADIAN SUPERIOR ENERGY INC. and CHALLENGER ENERGY CORP. Defendants
Proceeding under the Class Proceedings Act, 1992
ONTARIO Court File No.: CV-10-14848
SUPERIOR COURT OF JUSTICE
BETWEEN ROBERT RAE Plaintiff
- and -
GREGORY S. NOVAL, CRAIG MCKENZIE, MICHAEL E. COOLEN, ROBB THOMPSON and ALEXANDER SQUIRES Defendants
Proceedings under the Class Proceedings Act, 1992

SUMMARY NOTICE OF PENDENCY AND CERTIFICATION OF CLASS ACTIONS, PROPOSED SETTLEMENT AND SETTLEMENT APPROVAL/FAIRNESS HEARINGS

TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED CANADIAN SUPERIOR COMMON STOCK BETWEEN JANUARY 14, 2008 AND FEBRUARY 17, 2009, INCLUSIVE (THE "CLASS PERIOD"), OTHER THAN EXCLUDED PERSONS (THE "CLASS").

PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS MAY BE AFFECTED BY A PROPOSED SETTLEMENT OF THESE LAWSUITS.

This Summary Notice relates to the following actions: Devlin v. Noval, et al., Court File No. 1358/10CP, Devlin, et al. v. Noval, et al., Court File No. 1626CP, and Rae v. Noval, et al., Court File No. CV-10-14848 (the "Canadian Actions"), in the Ontario Superior Court of Justice (the "Ontario Court"); and In re Canadian Superior Securities Litigation, Master File No. 1:09-cv-10087-SAS (the "U.S. Action" and, together with the Canadian Actions, the "Actions"), in the United States District Court for the Southern District of New York (the "U.S. Court").

PROPOSED SETTLEMENT

The parties to the Actions have agreed to settle the Actions on behalf of the Class for USD$5,200,000 plus accrued interest (the "Settlement"). The Settlement will constitute a full and final resolution of all claims and causes of action raised, or which could have been raised, in the Actions (including known and unknown claims related to the facts referred to in the Actions) by Class Members against the Defendants and others, as provided in the Settlement Agreement dated June 9, 2011 (the "Stipulation"). A copy of the Stipulation may be reviewed at www.classaction.ca, www.jssbarristers.ca, or www.rgrdlaw.com, or obtained by mail from the Claims Administrator by writing to the addresses listed below.

For purposes of the Settlement only, the U.S. Court and the Ontario Court have respectively certified the U.S. Action and the Canadian Actions as class actions. The Class described above represents the combined classes certified by the Courts for the purpose of this Settlement only. The class certified by the Ontario Court consists of all individuals or entities, other than specified excluded persons, who purchased or otherwise acquired the common stock of Canadian Superior during the Class Period on the Toronto Stock Exchange (the "Canadian Class"). The class certified by the U.S. Court is comprised of all individuals and entities who purchased or otherwise acquired Canadian Superior common stock during the Class Period other than specified excluded persons and members of the Canadian Class (the "U.S. Class"). Persons specifically excluded from the Class are identified in the Stipulation and in the Notice of Pendency and Certification of Class Actions, Proposed Settlement and Settlement Approval/Fairness Hearings (the "Long Form Notice"), which you can obtain by following the instructions at the end of this notice.

NOTICE OF SETTLEMENT HEARINGS & MOTIONS FOR FEES AND EXPENSES

The Settlement is contingent on approval of both of the Courts. The U.S. Court will hold a hearing on November 8, 2011, at 5:00 p.m., in Courtroom 15C of the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, New York 10007, before the Honorable Shira A. Scheindlin, United States District Judge, in respect of the U.S. Class. The Ontario Court will hold a hearing on November 24, 2011, at 10:00 a.m., in the Ontario Superior Court of Justice, 80 Dundas Street, London, Ontario N6A 6A3, before the Honourable Justice Rady in respect of the Canadian Class.

Each hearing will be for the purpose of determining: (1) whether the Settlement should be approved as fair, reasonable, and adequate and in the best interests of the respective Class Members; (2) whether, thereafter, the Actions should be dismissed with prejudice against the Defendants; and (3) whether the proposed plan of allocation of the net settlement proceeds is fair and reasonable and should be approved. Concurrently, Canadian Class Counsel and U.S. Lead Plaintiff's Counsel (both defined below) will apply to the respective Courts for awards of legal fees and expenses incurred in connection with the Actions. The Courts expressly reserve the right to adjourn the hearings from time to time without any further written notice to the Class.

Full instructions concerning your rights to participate in the Settlement or to object to the approval of the Settlement, the proposed plan of allocation of the settlement proceeds, and/or to the fees and expenses sought by class counsel are contained in the Long Form Notice.

OBJECTIONS

Objections should be sent to counsel (and for members of the U.S. Class only, to the U.S. Court as well) in the manner described in the Long Form Notice, and must be received no later than October 10, 2011, to be effective.

OPTING OUT

If you are a member of the Class described above, your rights will be affected by the Settlement, if approved, and you will be bound by the terms of any Court order concerning the Actions, including releases of certain claims against the Defendants and others, unless you take steps to exclude yourself from the applicable class in the Canadian Actions or the U.S. Action. If you wish to exclude yourself, you must mail a letter to the Claims Administrator stating you want to be excluded from your class in the manner described in the Long Form Notice. The letter must include your name, address, telephone number, and signature and identify the number(s) of Canadian Superior common shares you purchased or otherwise acquired during the Class Period, the stock exchange on which such securities were purchased, the number of Canadian Superior common shares sold during this period, if any, and the dates of such purchases and sales. The letter must be accompanied by broker confirmations or other documentation evidencing the transactions in Canadian Superior common stock during the Class Period. Requests for exclusion, to be effective, must be postmarked no later than October 10, 2011.

REQUIRED PROOF OF CLAIM TO SHARE IN SETTLEMENT

In order to be eligible for a distribution pursuant to the Settlement, if approved by the Courts, you must submit a Proof of Claim form to the Claims Administrator in the manner described in the Long Form Notice postmarked no later than December 7, 2011. If you do not return a signed and properly completed Proof of Claim form, you will still be bound by any judgment of the applicable Court even though you will not share in the settlement proceeds. Proof of Claim forms may be obtained as described below.

FOR MORE INFORMATION

This notice provides only a summary of matters concerning the Actions and the proposed Settlement. The Long Form Notice and Proof of Claim form, which have been mailed to Class Members, contain additional important information regarding the Settlement and related matters affecting Class Members' rights. If you have not yet received these materials you may obtain copies free of charge by contacting the Claims Administrator:

Canadian Address U.S. Address
Canadian Superior Securities Litigation Canadian Superior Securities Litigation
Claims Administrator Claims Administrator
c/o NPT RicePoint c/o Gilardi & Co. LLC
P.O. Box 3355 P.O. Box 990
London, ON N6A 4K3 Corte Madera, CA 94976-0990
1-866-432-5534 1-877-350-6773
cse@nptricepoint.com classact@gilardi.com
http://www.nptricepoint.com/ http://www.gilardi.com/
Inquiries, other than requests for the Long Form Notice and Proof of Claim form, may be made to: Canadian Class Counsel: A. Dimitri Lascaris, Siskinds LLP, 680 Waterloo Street, London, ON N6A 3V8, (800) 461-6166 ext. 2380, http://www.siskinds.com/; Jay Strosberg, Sutts, Strosberg LLP, 600 – 251 Goyeau Street, Windsor, ON N9A 6V4, (519) 561-6285, http://www.strosbergco.com/; U.S. Lead Plaintiff's Counsel: David A. Rosenfeld, Robbins Geller Rudman & Dowd LLP, 58 South Service Road, Suite 200, Melville, NY 11747, (800) 449-4900, http://www.rgrdlaw.com/.
Employees of the Courts cannot answer questions about the Actions. Please direct all questions to the Claims Administrator or Canadian Class Counsel or U.S. Lead Plaintiff's Counsel.
DATED: June 30, 2011 BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
DATED: July 27, 2011 BY ORDER OF THE ONTARIO SUPERIOR COURT OF JUSTICE

Contact Information

  • Canadian Superior Securities Litigation
    Claims Administrator
    1-866-432-5534