Sonde Resources Corp. (F.K.A. Canadian Superior Energy Inc.)
In May 2010, Siskinds LLP and Jensen Shawa Solomon Duguid Hawkes LLP filed a proposed class action against Sonde Resources Corp., formerly known as Canadian Superior Energy Inc. ("Sonde Resources"). Also named as defendants were Challenger Energy Corp. ("Challenger"), and certain senior officers of Sonde Resources and Challenger. The class action asserted claims in negligence, negligent and fraudulent misrepresentation, unjust enrichment and oppression. In addition, the plaintiffs intended to seek leave to pursue claims under Part XXIII.1 of the Ontario Securities Act.
The allegations in the statement of claim concerned, among other things, disclosures relating to Sonde Resources' and Challenger's natural gas exploration project in Block 5(c), located offshore in the Republic of Trinidad and Tobago, as well as Sonde Resources' stock option practices.
A similar action was also filed in the United States District Court for the Southern District of New York.
In June 2011, the parties to the Ontario and U.S. litigation entered into an agreement to settle the plaintiffs' claims in all actions for US$5.2 million. The settlement class comprises all persons who purchased or otherwise acquired Sonde Resources common stock between January 14, 2008 and February 17, 2009, except for certain excluded persons. The settlement agreement is made without any admission of liability, wrongdoing or fault by the defendants.
The Ontario and U.S. courts have approved a notice which provides information on how class members may file a claim, opt out of the class or object to the settlement.
The courts have also approved a claim form.
On November 24, 2011, a Settlement Approval Order was issued by the Ontario Superior Court of Justice.