Press release from Business Wire
Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Magnum Hunter Resources Corporation
Friday, May 24, 2013
Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Magnum Hunter Resources Corporation23:44 EDT Friday, May 24, 2013
LOS ANGELES (Business Wire) -- The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all purchasers of the securities of Magnum Hunter Resources Corporation (“Magnum Hunter” or the “Company”) (NYSE:MHR; MHR-PD; MHR-PE; MHR-PC) between January 17, 2012, and April 16, 2013, inclusive (the “Class Period”). The Complaint alleges that the defendants violated federal securities laws by issuing materially false and misleading statements or failing to disclose material adverse facts concerning the Company's operations and financial performance and prospects.
On April 16, 2013, Magnum Hunter disclosed that at the direction of the Audit Committee of the Company's Board of Directors Magnum Hunter had dismissed its auditor, PricewaterhouseCoopers LLP (“PwC”), after PwC advised the Company of material weaknesses in the Company's internal accounting controls. 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 Resources, Inc.; and (5) the Company's compliance with certain debt covenants.
If you are a member of the above-described Class, you may move the Court no later than June 24, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you have information or would like to learn more about these claims, or if you purchased Magnum Hunter stock prior to the Class Period and have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
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Law Offices of Todd M. Garber
Todd M. Garber, Attorney at Law
Los Angeles, California