Press release from Business Wire
Harvest Natural Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
Monday, April 08, 2013
Harvest Natural Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors10:49 EDT Monday, April 08, 2013
DALLAS (Business Wire) -- Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce an investigation into potential violations of federal securities laws by certain officers and directors of Harvest Natural Resources, Inc. (“Harvest Natural” or “Company”) (NYSE: HNR) during the period of May 7, 2010 to March 18, 2013 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In a recently filed federal class action complaint, Harvest Natural and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. The complaint alleges that defendants misrepresented or failed to disclose that, among other things: (a) the Company incorrectly capitalized certain lease maintenance costs and certain internal selling, general and administrative costs; (b) the Company improperly presented certain cash flow items and caused certain long-lived assets to be impaired; (c) the Company was unable to sell its interests in Petrodelta S.A. to PT Pertamina (Persero); (d) the Company lacked adequate internal and financial controls; and (e) as a result, the Company's statements were materially false and misleading at all relevant times. According to the complaint, when the true facts came to light, the share price dropped dramatically.
“Recent revelations about alleged improper business practices and procedures regarding key aspects of Harvest Natural business and other misleading financial statements have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Harvest Natural officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Harvest Natural stock for all shareholders,” said shareholder rights attorney Patrick Powers.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-706-9314
Powers Taylor, LLP
Zachary Groover, 877-728-9607