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SUTTS, STROSBERG LLP FILES CLASS ACTION AGAINST ALANGE ENERGY CORP
Class Action |
2011/04/18 09:54
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A class action has been commenced in the Ontario Superior Court of Justice on behalf of all investors who acquired shares of Alange Energy Corp. during the period August 30, 2010 to and including January 12, 2011. The plaintiff alleges that the defendants engaged in violations of Ontario's Securities Act and the common law.
The plaintiff has retained Sutts, Strosberg LLP to prosecute the class action.
The plaintiff alleges that throughout the Class Period, the defendants misrepresented its daily production of oil that was reported and disseminated to the public.
On January 13, 2011, Alange disclosed that it overstated its daily production of oil by as much as 39 per cent. After the disclosure, Alange's share price declined by more than 37 per cent on trading volume of more than 100 million shares.
Jay Strosberg, a partner of Sutts, Strosberg LLP said, "The question that is being asked is how could a company with experienced management so significantly overstate the amount of oil that it was producing?"
Sutts, Strosberg LLP pioneered securities class actions in Ontario. As a result of resolving class actions such as YBM Magnex, Southwestern Resources, Atlas Cold Storage, CV Technologies and NovaGold Resources; Sutts, Strosberg LLP has recovered more than $150 million for its clients in securities class action alone. Please visit the Sutts, Strosberg LLP website www.strosbergco.com and www.aleclassaction.com for more information about the Alange class
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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