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Cano Petroleum Inc (AMEX: CFW) Investor Securities Class Action Lawsuit 10/02/2008

  • If you purchased shares of Cano Petroleum Inc (AMEX: CFW), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Cano Petroleum Inc
Security
AMEX: CFW

Case Name
Cano Petroleum Shareholder Class Action Lawsuit 10/02/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End


Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

August 4, 2010 - The U.S. Court of Appeals for the Fifth Circuit ordered the judgment of the district court is affirmed and the case is dismissed.
December 15, 2009 - A plaintiff filed a notice of appeal.

December 3, 2009 - The court granted the defendants' motions to dismiss and the court entered a final judgment order dismissing all claims against all defendants.

July 30, 2009 - The court ordered the voluntary dismissal of a particular defendant without prejudice.

July 28, 2009 - A plaintiff filed a notice of voluntary dismissal of one defendant without prejudice.

July 27, 2009 - The defendants filed motions to dismiss.

July 7, 2009 - A plaintiff filed a corrected amended complaint on behalf of investors who purchased Cano Petroleum Inc (AMEX: CFW) common shares between June 26, 2008 and October 2, 2008. The plaintiff alleges that the defendants violated the Securities Act of 1933 by issuing false and misleading statements between June 26, 2008 and October 2, 2008.

May 20, 2009 - The court ordered the transfer of this case to the U.S. District Court for the Northern District of Texas.

December 8, 2008 - A lead plaintiff motion was filed.

October 2, 2008 - An investor in shares of Cano Petroleum Inc (AMEX: CFW) filed a lawsuit in the U.S. District Court for the Southern District of New York against Cano Petroleum Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between December 28, 2007 and October 1, 2008.

According to the complaint the plaintiff alleges violations of Federal Securities Laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. The stockholder alleges that Cano Petroleum Inc issued a series of false and material misrepresentations in its registration statement and prospectus filed with the SEC in connection with its Secondary Public Offering on June 26, 2008. Specifically the plaintiff alleges that the registration statement and prospectus filed with the SEC for the Cano Petroleum Inc shares issued in the Secondary Offering contained untrue statements of material facts, was inaccurate and misleading, omitted to state other facts necessary to make the statements made not misleading, and concealed and failed adequately to disclose material facts. The Prospectus contained statements concerning proved reserve amounts and standards that were materially false and overstated Cano Petroleum Inc’s proved reserves.