Lawsuit filed for Investors in shares of Reconnaissance Energy Africa Ltd. (OTC: RECAF) I

An investor, who purchased shares of Reconnaissance Energy Africa Ltd. (OTC: RECAF), filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Reconnaissance Energy Africa Ltd. f/k/a Lund Enterprises Corp.

Investors who purchased shares of Reconnaissance Energy Africa Ltd. (OTC: RECAF) have certain options and for certain investors are short and strict deadlines running. Deadline: December 27, 2021. Reconnaissance Energy Africa Ltd. (OTC: RECAF investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Canadian based Reconnaissance Energy Africa Ltd., a junior oil and gas company, engages in the identification, exploration, and development of oil and/or gas assets in Namibia and Botswana.

On May 11, 2021, National Geographic published an article entitled "Oil company exploring in sensitive elephant habitat accused of ignoring community concerns: Namibians allege ReconAfrica disposed of wastewater unsafely, without permits, and ignored concerns about potential impact of oil drilling on water and wildlife." The article reported, among other things, that Reconnaissance Energy Africa Ltd. "is disposing of wastewater without permits, according to a government minister."

On June 24, 2021, Viceroy Research published a report entitled "ReconAfrica - No Oil? Pump Stock: Drilling blind for oil in Namibia: ReconAfrica is a stock-promoted junior explorer drilling imaginary oil basins in a fragile ecosystem. A disaster waiting to happen." This Viceroy report stated, among other things, that "RECO has a near-zero chance of finding any asset of value in their exploration site, and an even lower chance to capitalize on any find[,]" and that "[t]he rise in RECO's share price has been accompanied by several shill pieces either commissioned by RECO or written by parties with a clear conflict of interest."

On September 7, 2021, Viceroy published another report entitled "ReconAfrica - Another swing, another miss: Despite significant polish, Netherland Sewell's presentation on ReconAfrica's 6-2 well is another set of disappointing results."

Shares of Reconnaissance Energy Africa Ltd. (OTC: RECAF) declined from $11.00 per share on June 23, 2021, to as low as $4.46 per share on October 25, 2021.

The plaintiff claims that between February 28, 2019 and September 7, 2021, the defendants made false and/or misleading statements and/or failed to disclose, that 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 that as a result of the foregoing, defendants’ public statements were materially false and/or misleading at all relevant times

Those who purchased shares of Reconnaissance Energy Africa Ltd. (OTC: RECAF) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.