Pomerantz Law Firm Announces the Filing of a Class Action Against Hyperdynamics Corporation and Certain Officers -- HDY
March 13 2014 - 10:02PM
Pomerantz LLP has filed a class action lawsuit against
Hyperdynamics Corporation ("Hyperdynamics" or the "Company")
(NYSE:HDY) and certain of its officers. The class action,
filed in United States District Court, Southern District of Texas,
and docketed under 4:14-cv-00641, is on behalf of a class
consisting of all persons or entities who purchased or otherwise
acquired Hyperdynamics securities between November 8, 2012 and
March 11, 2014, both dates inclusive (the "Class Period"). This
class action seeks to recover damages against Defendants for
alleged violations of the federal securities laws pursuant to
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and
Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Hyperdynamics securities
during the Class Period, you have until May 12, 2014 to ask the
Court to appoint you as Lead Plaintiff for the class. A copy
of the Complaint can be obtained at www.pomerantzlaw.com. To
discuss this action, contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include
their mailing address, telephone number, and number of shares
purchased.
Hyperdynamics' operations include two wholly subsidiaries, SCS
Corporation and HYD Resources, which are focused on oil and gas
exploration.
The Complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements, as well as
failed to disclose material adverse facts about the Company's
business, operations, and prospects. Specifically, Defendants made
false and/or misleading statements and/or failed to disclose that:
(1) the Company obtained and retained oil and gas concession rights
in violation of the U.S. Foreign Corrupt Practices Act and/or U.S.
anti-money laundering statutes; (2) the Company lacked adequate
internal and financial controls; and (3) as a result of the
foregoing, the Company's statements were materially false and
misleading at all relevant times.
On September 30, 2013, the Company disclosed "that in September
2013 it received a subpoena from the United States Department of
Justice (DOJ) requesting that the Company produce documents
relating to its business in Guinea" for potentially violating the
U.S. Foreign Corrupt Practices Act or U.S. anti-money laundering
statutes. The focus of the investigation is "whether
Hyperdynamics' activities in obtaining and retaining [its]
concession rights and its relationships with charitable
organizations violate the U.S. Foreign Corrupt Practices Act or
U.S. anti-money laundering statutes."
On this news, Hyperdynamics securities declined $0.66 per share,
or nearly 15%, to close at $3.76 per share on October 1, 2013.
On March 12, 2014, the Company announced in a press release,
that its partner in oil exploration in offshore Guinea, Tullow Oil
Plc, halted activities in Guinea due to the U.S. Department of
Justice and U.S. Securities and Exchange Commission probes into
Hyperdynamics' alleged fraud and corruption in obtaining drilling
licenses in Guinea. Tullow Oil asserted that these
investigations constituted a Force Majeure event under its
agreements with its partners, including Hyperdynamics, relating to
exploration rights in offshore Guinea.
The Pomerantz Firm, with offices in New York, Chicago, Florida,
and San Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com