Press release from Business Wire
DEADLINE ALERT: Rigrodsky & Long, P.A. Informs Shareholders of Magnum Hunter Resources Corporation of Upcoming Deadline
Thursday, May 23, 2013
DEADLINE ALERT: Rigrodsky & Long, P.A. Informs Shareholders of Magnum Hunter Resources Corporation of Upcoming Deadline13:46 EDT Thursday, May 23, 2013
WILMINGTON, Del. (Business Wire) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Magnum Hunter Resources Corporation (NYSE: MHR )?
- Did you purchase your shares before May 3, 2012, or between May 3, 2012 and April 16, 2013, inclusive?
- Did you lose money in your investment in Magnum Hunter Resources Corporation?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Magnum Hunter Resources Corporation (“Magnum” or the “Company”) (NYSE: MHR) between May 3, 2012 and April 16, 2013, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Magnum during the Class Period, or purchased shares prior to the Class Period and still hold Magnum, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/magnum-hunter-resources-corporation-mhr.
Magnum is an independent oil and gas company that engages in the acquisition, exploration, exploitation, development, and production of crude oil, natural gas, and natural gas liquids primarily in West Virginia, Ohio, Texas, Kentucky, and North Dakota, as well as in Saskatchewan, Canada. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) that the Company had material weaknesses in its valuation of its oil and gas properties, its calculation of oil and gas reserves, its position with respect to certain tax matters, the Company's accounting of its acquisition of NGAS Resources, Inc. (“NGAS”), and the Company's compliance with certain debt covenants; (2) that, as a result, the Company lacked adequate internal and financial controls; and (3) that, as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times. As a result of defendants' false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on April 16, 2013, the Company disclosed that it had dismissed its auditor, PricewaterhouseCoopers LLP (“PwC”) at the direction of the Audit Committee of the Company's Board of Directors, after PwC advised the Company of material weaknesses in the Company's internal accounting controls. According to the Company, PwC identified certain issues that may have a material impact on the fairness or reliability of Magnum Hunter's consolidated financial statements, including: (1) valuation of the Company's oil and gas properties; (2) calculation of the Company's oil and gas reserves; (3) the Company's position with respect to certain tax matters; (4) the Company's accounting of its acquisition of NGAS; and (5) the Company's compliance with certain debt covenants.
On this news, shares in Magnum dropped almost 15%, closing at $2.83 per share on April 17, 2013, from a close of $3.32 per share on April 16, 2013, on volume of over 35 million shares.
If you wish to serve as lead plaintiff, you must move the Court no later than June 24, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire