Suit Over Cano Petroleum Share Offering Tossed

Law360, New York (December 4, 2009, 3:59 PM EST) -- A federal judge has dismissed for failure to state a claim a putative class action accusing Cano Petroleum Inc. and the financial firm Canaccord Adams Inc. of making misleading statements about the oil company's "proved reserves" ahead of a 2008 share offering.

Judge John McBryde's ruling, issued Thursday in the U.S. District Court for the Northern District of Texas, said named plaintiff Truk International Fund LP would not have the opportunity to replead the "futile" case.

Attorney Daniel Hume of Kirby McInerney LLP, who represents the...
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