Press release from Business Wire
16 Days Remain before May 21, 2013, Lead Plaintiff Deadline in Investor Lawsuit against Harvest Natural Resources, Inc., Hagens Berman Reminds Investors
Monday, May 06, 2013
16 Days Remain before May 21, 2013, Lead Plaintiff Deadline in Investor Lawsuit against Harvest Natural Resources, Inc., Hagens Berman Reminds Investors09:30 EDT Monday, May 06, 2013
BERKELEY, Calif. (Business Wire) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, is reminding investors in Harvest Natural Resources, Inc. (NYSE:HNR) (“HNR” or “The Company”) that only 16 days remain until the May 21, 2013, deadline to seek the role of lead plaintiff in a lawsuit filed on behalf of investors. Investors can contact Hagens Berman Partner Reed Kathrein, who is leading the firm's investigation, by emailing HNR@hbsslaw.com or calling (510) 725-3000.
HNR investors who purchased stock in the company between May 7, 2010, and March 19, 2013, inclusive (the “class period”) and suffered significant losses may also contact the firm by visiting http://www.hb-securities.com/investigations/HNR.
Investors who wish to serve as lead plaintiff in the case must move the court no later than May 21, 2013. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
On March 19, 2013, HNR announced that due to material weaknesses in its internal controls, it would be required to revise or restate certain financial statements during 2010, 2011 and 2012. The company's stock price fell on the news.
On April 4, 2013, the Associated Press reported that HNR's audit report indicates “the company is unsure if it will be able to continue to operate indefinitely and avoid bankruptcy protection.”
The class-action lawsuit alleges that HNR failed to disclose material information to investors, including incorrect capitalization of certain costs and misrepresentation of certain cash flow items, among other issues.
Hagens Berman's investigation centers around what HNR and its executives knew prior to the March 19 announcement.
Hagens Berman reminds whistleblowers with inside information that rewards may be available to individuals who report information leading to a successful enforcement action by the Securities and Exchange Commission. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
About Hagens Berman
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com. The Firm's securities law blog is at http://www.meaningfuldisclosure.com.
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