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Berger Montague (Canada), P.C. Announces Re-investigation Into Previously Published Reports Regarding Reconnaissance Energy Africa, Ltd. Target Price Cut by Over 40% Triggers Investors' Second Investigation

TORONTO--(BUSINESS WIRE)--Berger Montague (Canada) P.C. announces that it has been invited to re-investigate previously published reports about Reconnaissance Energy Africa Ltd. (“ReconAfrica” or the “Company”) (TSXV: RECO; OTCQX: RECAF; and FRA: 0XD).

On April 23, 2023, a U.S. federal court denied ReconAfrica's motion to dismiss the U.S. shareholder class action claims and was ordered to file an answer to the complaint that it previously misled investors.

After the Company's November 2022, investor call about its drilling and seismic results, Haywood Securities Inc. reduced its target price from $14.00 to $8.00, highlighting that the downside to the stock could be $0.00 per share and ReconAfrica will require substantial amounts of capital and reserves to develop and move to commercialization of the Kavango Basin.

Berger Montague (Canada) is investigating whether ReconAfrica omitted to disclose material adverse facts in ReconAfrica's final short form prospectus released on February 24, 2022, and its core documents released on SEDAR on April 28, May 30, August 29, 2022, and not publicly disclosed until November 9, 2022. ReconAfrica's March 1, 2022 offering was made through Canaccord Genuity Corp.

If you are outside of the United States and purchased ReconAfrica's securities between May 30, 2021 and November 8, 2022, you may be eligible.

Berger Montague has offices in the United States located in Philadelphia, Minneapolis, San Diego, San Francisco, Toronto, and Washington, D.C. Berger Montague (Canada) has represented individual and institutional investors for over a decade and serves as lead counsel in courts across Canada. You may learn more about Berger Montague (Canada) at www.bergermontague.ca.

Andrew J. Morganti, JD, LL.M. is licensed in the Province of Ontario, Canada and the States of Michigan, New York and District of Columbia.

Contacts

Andrew Morganti
(202) 948-4745
info@bergermontague.ca

*I HAVE JOINED BERGER MONTAGUE (CANADA), P.C., COMMENCING APRIL 15, 2023, MY NEW EMAIL ADDRESS IS info@bergermontague.ca.

Industry:

Berger Montague (Canada), P.C.

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Contacts

Andrew Morganti
(202) 948-4745
info@bergermontague.ca

*I HAVE JOINED BERGER MONTAGUE (CANADA), P.C., COMMENCING APRIL 15, 2023, MY NEW EMAIL ADDRESS IS info@bergermontague.ca.

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