NEW YORK, June 07, 2021 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Reconnaissance Energy Africa Ltd. (“Reconnaissance” or the “Company”) (OTCMKTS: RECAF). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Reconnaissance and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 11, 2021, National Geographic published an article entitled “Oil company exploring in sensitive elephant habitat accused of ignoring community concerns: Namibians allege ReconAfrica disposed of wastewater unsafely, without permits, and ignored concerns about potential impact of oil drilling on water and wildlife.” The article reported, among other things, that “ReconAfrica, a Canadian company exploring for oil and gas in Namibia upstream of a world-famous UNESCO World Heritage site that’s home to elephants and other wildlife is disposing of wastewater without permits, according to a government minister.” The article detailed that “[d]rilling for the first test well began in January, and waste fluids are being stored in what appears to be an unlined pond, where they could leach into the ground and contaminate the water supply in this desert region[,]” and that “Namibia’s minister of agriculture, water, and land reform, the agency responsible for water-related permits, told National Geographic in a written statement that ReconAfrica does not yet have permits approved to extract water to use in its drilling operations nor to dispose of the waste water[.]”
On this news, ReconAfrica’s stock price fell $0.50 per share, or 6.25%, to close at $7.50 per share on May 11, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980