
BioXcel Therapeutics, Inc. (BTAI)
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.
Investigation
10/25/2021
Initial Lawsuit
10/25/2021
Lawsuit Progression
12/27/2021
Investigation regarding ReconAfrica’s statements about its activity in the Kavango area and compliance with regulations.
10/28/2020
National Geographic publishes a report on Reconnaissance Africa’s drilling and “possible” fracking in Botswana’s Okavango region: “. . . If ReconAfrica finds oil, a February investor presentation says, then the ultimate goal is to drill “hundreds of wells” in the area and open at least some of them using “modern frac stimulations,” a reference to fracking, the controversial practice where underground shale is injected with high-pressure fluid to crack open the rock and release oil and gas.
The threat from oil drilling to one of the planet’s most diverse ecosystems and to more than 200,000 people who live in this desert region “boggles the mind,” said Willem Odendaal, the former land, environment, and development project coordinator at Namibia’s Legal Assistance Centre, a public interest law firm based in the capital, Windhoek. ReconAfrica’s drilling areas overlap with a multicountry conservation park, six locally managed wildlife reserves, and one UNESCO World Heritage site (and could affect another, the Okavango Delta, nearby). The Okavango region is home to the largest herd of African elephants left on Earth and myriad other animals—African wild dogs, lions, leopards, giraffes, amphibians and reptiles, birds—and rare flora. . .”
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$0.70 | $0.75 | $-0.5 | -6.66% |
This is a federal securities class action on behalf of a class consisting of all persons and entities other than defendants who purchased or otherwise acquired the publicly traded securities of ReconAfrica between February 28, 2019 and September 7, 2021, both dates inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors:
(1) that ReconAfrica’s plan for using unconventional means for energy extraction (including fracking) in the fragile Kavango area;
(2) that ReconAfrica would begin unlicensed drilling tests;
(3) that ReconAfrica would illegally use water for well testing;
(4) that ReconAfrica would illegally store used water in unlined pools;
(5) that ReconAfrica would skirt Namibian law and hire an inadequate and inappropriate consultant;
(6) that, as a result, ReconAfrica risked future well, drilling, and water-related licenses in Namibiaand Botswana;
(7) that, as opposed to its representations, ReconAfrica did not reach out nor provide adequate information (including in relevant local languages) through accessible means to those to be impacted by its testing and potential energy extraction;
(8) that ReconAfrica’s interests are in the Owambo Basin, not the so-called Kavango Basin;
(9) that ReconAfrica has continuously engaged in stock pumping; and
(10) as a result of the foregoing, defendants’ public statements were materially false and/or misleading at all relevant times.
The lead plaintiff deadline has passed, we will update this page as the lawsuit progresses.
Last event retrieved on 09/29/2022.
Letter regarding Defendants' Notice of Motion to Dismiss the Consolidated Amended Class Action Complaint by Ian D. Brown, Shiraz Dhanani, Carlos Escribano, Scot Evans, Mark Gerlitz, James Granath, James Jay Park, Reconnaissance Energy Africa Ltd. (Saady, Nicholas) (Entered: 08/29/2022)
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