US EditionNOTICE OF THE PROPOSED SETTLEMENT OF THEITHACA ENERGY INC. now known as ITHACA ENERGY LIMITED SECURITIES CLASS ACTION
- On May 26, 2015, a class action lawsuit was initiated on behalf of investors who acquired Ithaca Energy Limited shares during the Class Period, filed in Alberta's superior trial court.
- The lawsuit claims that Ithaca provided false information regarding changes to its floating production facility and the estimated 2015 output and financial forecasts for its operations in the Greater Stella Area of the Central North Sea.
- The parties reached a proposed settlement of CAD $9 million funded by Ithaca's insurer, with no admission of liability and subject to court approval.
- A court hearing to approve the settlement and legal fees of 30 percent plus expenses is scheduled for August 7, 2025, via videoconference, with objections due by July 11, 2025 at 5:00 PM E.S.T.
- If approved, the net settlement amount, after deductions, will be distributed to Class Members who held shares from October 9, 2014, to after February 24, 2015, as detailed in a court-approved plan.
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Center
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Total News Sources67
Leaning Left11Leaning Right7Center17Last UpdatedBias Distribution49% Center
Bias Distribution
- 49% of the sources are Center
49% Center
L 31%
C 49%
R 20%
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