Alange Energy (ALE.v) hit with a class action suit

Now this is way, way interesting. Remember the great work Setty did in a whole series of posts uncovering the Alange Energy (ALE.v)? Well  this morning the ante has been upped and a decent Canadian law firm has opened a class action suit on ALE.v. If i were you I'd go check out what Setty found on that link above and read the following NR very closely.

On Monday April 18, 2011, 12:11 pm

TORONTO AND WINDSOR, April 18 /CNW/ - A class action has been commenced in the Ontario Superior Court of Justice on behalf of all investors who acquired shares of Alange Energy Corp. ("Alange") during the period August 30, 2010 to and including January 12, 2011 (the "Class Period").  The plaintiff alleges that the defendants engaged in violations of Ontario's Securities Act and the common law.
The plaintiff has retained Sutts, Strosberg LLP to prosecute the class action.
The plaintiff alleges that throughout the Class Period, the defendants misrepresented its daily production of oil that was reported and disseminated to the public.
On January 13, 2011, Alange disclosed that it overstated its daily production of oil by as much as 39 per cent.  After the disclosure, Alange's share price declined by more than 37 per cent on trading volume of more than 100 million shares.
Jay Strosberg, a partner of Sutts, Strosberg LLP said, "The question that is being asked is how could a company with experienced management so significantly overstate the amount of oil that it was producing?"
Sutts, Strosberg LLP pioneered securities class actions in Ontario.  As a result of resolving class actions such as YBM Magnex, Southwestern Resources, Atlas Cold Storage, CV Technologies and NovaGold Resources; Sutts, Strosberg LLP has recovered more than $150 million for its clients in securities class action alone.  Please visit the Sutts, Strosberg LLP website www.strosbergco.com and www.aleclassaction.com for more information about the Alange class action.

Contacts

Jay Strosberg  
Sutts
Strosberg LLP 
519.561.6285 or 1.800.229.5323
ext 8285                                                                           
jay AT strosbergco.com

DYODD

Calling BS on Pacific Rubiales (PRE.to)

Setty does it again with a top post on Pacific Rubiales (PRE.to), Colombia's biggest private oil company and purveyor of bullshit numbers to the market. You just have to read the whole thing over there cos there are dynamite facts and snippets all through the article, but here's a section to whet your appetite for the corporate Shenanigans as exposed.

"...reading through the last few weeks’ news, I don’t see anyone saying publicly the three things that were most completely screwed up about this situation. 

1. The company giving 220,000 barrels a day as their figure for year-end oil output as late as February, even though they should have known a month earlier that the number was fiction.

2. Board members front-ran the bad news with millions of dollars in stock sales, during a period when they should have known about the bad news to come.

3. Executives are refusing to buck up and accept responsibility for missing on oil output and reserves replacement.

So go read "Pacific Rubiales (PRE.to): like Alange, but bigger" right now. Super Sunday fare and kudos to the Settydude.