Aspen Group Resources Corp. Class Action

On November 23, 2001, Aspen Group Resources Corporation (“Aspen”) made an offer to take-over another small-cap publicly traded Canadian oil and gas company, Endeavour Resources Inc. (“Endeavour”). Shortly after the take-over bid was completed, substantial controversy emerged regarding whether Aspen had made material misrepresentations to the Endeavour Security holders.

This action was commenced in 2008 to recover Endeavour Security holder losses. The case alleged that Aspen had materially misrepresented itself in its take-over offer and class members claimed they would not have accepted Aspen’s take-over offer but for the misrepresentations and as a result lost the value of their company.

The action was certified in 2010 and a series of settlements with individual defendants followed. After further litigation, a final settlement was reached in September of 2019 making the total recovered funds $3,285,000.00. Payments were distributed to approved shareholders in the winter of 2020.