INVESTOR ALERT: Class Action Lawsuit Against Hyperdynamics Corporation Announced by Law Offices of Howard G. Smith
April 03 2014 - 10:32AM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed in the United States District Court for the
Southern District of Texas on behalf of all purchasers of the
securities of Hyperdynamics Corporation (“Hyperdynamics” or the
“Company”) (NYSE:HDY) between November 8, 2012 and March 11, 2014,
inclusive (the “Class Period”).
Hyperdynamics is an independent oil and gas exploration company
engaged in the acquisition, exploration and development of oil and
gas properties in the Republic of Guinea, Northwest Africa. The
Complaint alleges that during the Class Period defendants made
false and/or misleading statements or failed to disclose material
adverse facts, including that Hyperdynamics lacked adequate
internal and financial controls, and 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.
On September 30, 3013, 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, and that the DOJ investigation
concerns whether “Hyperdynamics’ activities in obtaining and
retaining the concession rights and its relationships with
charitable organizations potentially violate the U.S. Foreign
Corrupt Practices Act or U.S. anti-money laundering statutes.”
Then, on March 12, 2014, Hyperdynamics’ exploration partner, Tullow
Oil Plc, halted activities in Guinea due to the DOJ and U.S.
Securities and Exchange Commission investigations into
Hyperdynamics' activities related to the concession rights.
If you are a member of the Class described above, you have until
May 12, 2014, to move the Court to serve as lead plaintiff, if you
meet certain legal requirements. To be a member of the Class you
need not take any action at this time; you may retain counsel of
your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, please contact
Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070
Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone
at (215) 638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com