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Case Status:    SETTLED
On or around 03/25/2024 (Date of last review)

Filing Date: October 25, 2021

According to the Complaint, Reconnaissance Energy Africa Ltd. f/k/a Lund Enterprises Corp. ("ReconAfrica" or the "Company") purports to engage in the identification, exploration, and development of oil and/or gas assets in Namibia and Botswana, including in the Kalahari Desert and other fragile areas.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) ReconAfrica’s plan for using unconventional means for energy extraction (including fracking) in the fragile Kavango area; (2) that ReconAfrica would begin unlicensed drilling tests; (3) that ReconAfrica would illegally use water for well testing; (4) that ReconAfrica would illegally store used water in unlined pools; (5) that ReconAfrica would skirt Namibian law and hire an inadequate and inappropriate consultant; (6) that, as a result, ReconAfrica risked future well, drilling, and water-related licenses in Namibia and Botswana; (7) 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; (8) that ReconAfrica’s interests are in the Owambo Basin, not the so-called Kavango Basin; (9) that ReconAfrica has continuously engaged in stock pumping; and (10) as a result of the foregoing, Defendants’ public statements were materially false and/or misleading at all relevant times.

This case was voluntarily dismissed on November 9, 2021. A related case continues under Docket 21-CV-06176.

The parties requested that the Court enter an Order consolidating actions and appointing Lead Plaintiff and Counsel on February 9, 2022. On March 1, the Court approved the stipulated Motion to consolidate cases and appoint Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 21-CV-06176.

Lead Plaintiff filed an amended Complaint on April 11, 2022. Defendants filed a Motion to Dismiss the amended Complaint on November 29. On April 26, 2023, the Court denied Defendants' Motion to Dismiss in its entirety in a ruling from the bench.

The parties entered into a Global Stipulation and Agreement of Settlement on February 27, 2024.

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