LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Reconnaissance Energy Africa Ltd. (“ReconAfrica” or “the Company”) (OTC: RECAF) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. ReconAfrica is the subject of an article published by National Geographic on May 11, 2021, titled: “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 claims 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 continues, “drilling 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 “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.”
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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