Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Hyperdynamics Corporation -- HDY
March 14 2014 - 7:00PM
Gainey McKenna & Egleston announces that a class action lawsuit
has been filed in the United States District Court, Southern
District of Texas, on behalf of all persons who purchased or
otherwise acquired the securities of Hyperdynamics Corporation
("Hyperdynamics" or the "Company") (NYSE:HDY) during the period
between November 8, 2012 and March 11, 2014 (the "Class Period").
The Complaint alleges that 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.
If you wish to serve as lead plaintiff, you must move the Court
no later than May 12, 2014. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. If you wish to join the litigation,
or to discuss your rights or interests regarding this class action,
please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq.
of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail
at tjmckenna@gme-law.com or gegleston@gme-law.com.
Attorney Advertising -- Prior results do not guarantee a similar
outcome with respect to any future matter. Please visit our
website at http://www.gme-law.com for more information about the
firm.