Cano Petroleum Inc. is an American oil and gas exploration and production company.

According to a press release, on October 2, 2008, a class action lawsuit was filed in the United States District Court for the Southern District of New York against Cano Petroleum. The Complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations that the Company issued a series of false and material misrepresentations in its registration statement and prospectus filed with the SEC in connection with its Secondary Public Offering on June 26, 2008.

On May 20, 2009, the individual Defendants' motion to transfer this action to the Northern District of Texas pursuant to 28 U.S.C. § 1404(a) was granted.

On July 07, 2009, an amended Complaint was filed by the Plaintiffs against the Defendants in this civil action.

On December 03, 2009, a Memorandum Opinion and Order granting Motion to Dismiss was filed by the Defendants.

On the same day, a final judgment consistent with the memorandum opinion and order signed on the same date and all claims asserted by Plaintiff against the defendants were dismissed.

On December 15, 2009, a notice of appeal was filed by the Plaintiffs against the Defendants in this matter.