Investigation announced for Long-Term Investors in shares of Reconnaissance Energy Africa Ltd. (OTC: RECAF)

An investigation was announced concerning potential breaches of fiduciary duties by certain directors and officers of Reconnaissance Energy Africa Ltd. f/k/a Lund Enterprises Corp.

Investors who are current long term investors in Reconnaissance Energy Africa Ltd. (OTC: RECAF) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm for current long term investors in OTC: RECAF stocks follows a lawsuit filed against Reconnaissance Energy Africa Ltd. over alleged securities laws violations. The investigation on behalf of current long term investors in OTC: RECAF stocks, concerns whether certain Reconnaissance Energy Africa Ltd. directors are liable in connection with the allegations made in that lawsuit.

According to that complaint filed in the U.S. District Court for the Eastern District of New York the plaintiff alleges that 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.