Cano Petroleum Prevails in Lawsuit over Disclosure Statement - Skadden Arps

Cano Petroleum Prevails in Lawsuit over Disclosure Statement - Skadden Arps - 12/10/2009

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HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

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Cano Petroleum Prevails in Lawsuit over Disclosure Statement - Skadden Arps
Staff Writer

LawFuel.com. December 10, 2009
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EXCERPT: Skadden secured a victory for client Cano Petroleum Inc. in a putative securities class action that alleged the company made misleading claims in a 2008 share offering's disclosure statement. Judge John McBryde of the U.S. District Court for the Northern District of Texas dismissed the lawsuit on December 3, finding that the plaintiff, Truk International Fund, failed to state a claim. He also denied the plaintiff leave to amend the claim. Truk had asserted that in the statement, Cano had overstated the estimated quantity of recoverable oil and gas reserves that are core to its business, and that a later announcement that the reserves had declined caused the stock price to drop. But in his ruling, Judge McBryde said estimates about the reserves were in fact disclosed and included adequate cautionary statements.

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