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RECONAFRICA ALERT: Reconnaissance Energy Africa Ltd. f/k/a Lund Enterprises Corp. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit - RECAF; LGDOF

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SAN DIEGO, October 26, 2021--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers of Reconnaissance Energy Africa Ltd. f/k/a Lund Enterprises Corp. ("ReconAfrica") (OTCMKTS: RECAF; LGDOF) publicly traded securities between February 28, 2019 and September 7, 2021, inclusive (the "Class Period") have until December 27, 2021 to seek appointment as lead plaintiff in Muller v. Reconnaissance Energy Africa Ltd. f/k/a Lund Enterprises Corp., No. 21-cv-05910 (E.D.N.Y.), the ReconAfrica class action lawsuit. Commenced on October 25, 2021, the ReconAfrica class action lawsuit charges ReconAfrica as well as certain of its top officials with violations of the Securities Exchange Act of 1934.

If you wish to serve as lead plaintiff of the ReconAfrica class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the ReconAfrica class action lawsuit must be filed with the court no later than December 27, 2021.

CASE ALLEGATIONS: ReconAfrica 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 ReconAfrica class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose: (i) ReconAfrica’s plan for using unconventional means for energy extraction (including fracking) in the fragile Kavango area; (ii) that ReconAfrica would begin unlicensed drilling tests; (iii) that ReconAfrica would illegally use water for well testing; (iv) that ReconAfrica would illegally store used water in unlined pools; (v) that ReconAfrica would skirt Namibian law and hire an inadequate and inappropriate consultant; (vi) that, as a result, ReconAfrica risked future well, drilling, and water-related licenses in Namibia and Botswana; (vii) that, contrary 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; (viii) that ReconAfrica’s interests are in the Owambo Basin, not the so-called Kavango Basin; (ix) that ReconAfrica has continuously engaged in stock pumping; and (x) as a result of the foregoing, defendants’ public statements were materially false and/or misleading at all relevant times.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased ReconAfrica securities during the Class Period to seek appointment as lead plaintiff in the ReconAfrica class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the ReconAfrica class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the ReconAfrica class action lawsuit. An investor’s ability to share in any potential future recovery of the ReconAfrica class action lawsuit is not dependent upon serving as lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm. Please visit http://www.rgrdlaw.com for more information.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20211026006308/en/

Contacts

Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com

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