Canadian Oil Co. Lied To Drive Up Stock, Class Says

By Humberto J. Rocha (October 27, 2021, 2:10 PM EDT) -- A Canadian oil and gas company was sued by a proposed class of investors who claim the company misled investors about its future drilling projects and permits in Namibia and Botswana to drive up its stock price in U.S. markets.

Investor Eric Muller filed a proposed class action against Reconnaissance Energy Africa Ltd. on Monday in New York federal court, saying company executives lied about oil projects after press reports questioned the company's drilling plans and brought down share prices.

The proposed class alleges that from 2019 to 2021, senior company executives "acted with reckless disregard for the truth" to inflate...

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