Reconnaissance Energy Africa Ltd. f/k/a Lund Enterprises Corp.

Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of the securities of Reconnaissance Energy Africa Ltd. f/k/a Lund Enterprises Corp. (OTC: RECAF, LGDOF) between February 28, 2019 and September 7, 2021, inclusive (the “Class Period”). The lawsuit seeks to recover damages for ReconAfrica investors under the federal securities laws.

If you purchased ReconAfrica securities between February 28, 2019 and September 7, 2021 and would like to join the prospective action, please click “Join This Class Action.”

Class Period:February 28, 2019 through September 7, 2021
If you purchased ReconAfrica securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

Details of the case:

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose:

  • ReconAfrica’s plan for using unconventional means for energy extraction (including fracking) in the fragile Kavango area;
  • that ReconAfrica would begin unlicensed drilling tests;
  • that ReconAfrica would illegally use water for well testing;
  • that ReconAfrica would illegally store used water in unlined pools;
  • that ReconAfrica would skirt Namibian law and hire an inadequate and inappropriate consultant;
  • that, as a result, ReconAfrica risked future well, drilling, and water-related licenses in Namibia and Botswana;
  • that, 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;
  • that ReconAfrica’s interests are in the Owambo Basin, not the so-called Kavango Basin;
  • that ReconAfrica has continuously engaged in stock pumping; and
  • as a result of the foregoing, defendants’ public statements were materially false and/or misleading at all relevant times.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Follow us on:
Company Name: Reconnaissance Energy Africa Ltd. f/k/a Lund Enterprises Corp.
Stock Symbol: RECAF
Class Period: February 28, 2019 through September 7, 2021
Court: United States District Court for the Eastern District of New York

Why Rosen Law

The Rosen Law Firm has been ranked among the top 4 law firms each year since 2013 for the number of successful securities class actions on behalf of investors. In 2019 alone, our firm recovered $438 million for investors.

Investors should carefully identify and select experienced counsel with a track record of success leading securities class actions. Often other firms issue press releases about class actions yet do not have comparable experience or resources.

Institutional Shareholders Services ranked the Rosen Law Firm # 1 for the number of securities class action recoveries in 2017.

The Rosen Law Firm represents investors throughout the globe. Our mission is to prosecute securities fraud class actions and protect shareholders’ rights.

Scroll to Top