Press release from Business Wire
Lieff Cabraser Reminds Magnum Hunter Investors of Upcoming Deadline in Securities Fraud Class Action Lawsuits – MHR
Thursday, May 30, 2013
Lieff Cabraser Reminds Magnum Hunter Investors of Upcoming Deadline in Securities Fraud Class Action Lawsuits – MHR09:00 EDT Thursday, May 30, 2013
SAN FRANCISCO (Business Wire) -- Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the June 24, 2013 deadline to move for appointment as lead plaintiff in the securities class litigation brought on behalf of those who purchased or acquired the publicly traded securities of Magnum Hunter Resources Corporation (“Magnum Hunter” or the “Company”) (NYSE: MHR) between January 17, 2012 and April 22, 2013, inclusive (the “Class Period”).
If you purchased Magnum Hunter securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than June 24, 2013. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Magnum Hunter shareholders who wish to learn more about the actions and how to seek appointment as lead plaintiff should click here or contact Douglas I. Cuthbertson of Lieff Cabraser toll free at (800) 541-7358.
The complaint charges Magnum Hunter and certain of its officers and directors with violations of the Securities Exchange Act of 1934, specifically, that Defendants made false and/or misleading statements and/or failed to disclose: (i) that the Company had material weaknesses in its oil and gas properties' valuation, its calculation of oil and gas reserves, its position in certain tax matters, the Company's accounting of its acquisition of NGAS Resources, Inc. (“NGAS”), and the Company's compliance with certain debt covenants; (ii) that, as a result, Magnum Hunter lacked adequate internal and financial controls; and (iii) that, as a result, the Company's financial statements were materially false and misleading at all relevant times.
On April 16, 2013, Magnum Hunter disclosed that it had dismissed its outside auditor, PricewaterhouseCoopers LLP (“PwC”), after PwC advised it of material weaknesses in Magnum Hunter's internal accounting controls, and that PwC had demanded further investigation into: (1) Magnum Hunter's oil and gas properties' valuation; (2) calculation of its oil and gas reserves; (3) its position with respect to certain tax matters; (4) its accounting for its acquisition of NGAS; and (5) its compliance with certain debt covenants. Following these and subsequent disclosures, the price of Magnum Hunter's publicly traded securities plummeted, losing billions of dollars in market capitalization.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation. Lieff Cabraser is one of only two plaintiffs' law firms in the United States to receive this honor for the last ten consecutive years.
For more information about Lieff Cabraser and the firm's representation of investors, please visit http://www.lieffcabraser.com.
Douglas I. Cuthbertson, 415-956-1000