Magnum Hunter Resources Announces Dismissal of Consolidated Securities Class Action Lawsuit in the United States District Cou...
June 24 2014 - 5:24PM
Marketwired
Magnum Hunter Resources Announces Dismissal of Consolidated
Securities Class Action Lawsuit in the United States District Court
for the Southern District of New York
HOUSTON, TX--(Marketwired - Jun 24, 2014) - Magnum Hunter
Resources Corporation (NYSE: MHR) (NYSEMKT: MHR.PRC) (NYSEMKT:
MHR.PRD) (NYSEMKT: MHR.PRE) ("Magnum Hunter" or the "Company")
announced today that the consolidated securities class action
lawsuit filed against the Company last year has now been dismissed
in its entirety by the judge overseeing the case in the United
States District Court for the Southern District of New York.
With the dismissal of this consolidated securities class action
lawsuit on June 23, 2014, the Company has been successful in
securing dismissals of a total of five separate securities class
action and shareholder derivative lawsuits filed in four different
judicial courts without any monies paid to any plaintiffs or their
respective legal counsel. Three of the lawsuits were dismissed
on motions by the defendants, while the other two were voluntarily
dismissed by the plaintiffs. The Company is currently working
to obtain dismissal of the last remaining shareholder derivative
lawsuit. The plaintiffs in the consolidated securities class
action lawsuit can appeal yesterday's dismissal to the U.S. Court
of Appeals for the Second Circuit.
A Form 8-K, including a copy of the opinion and order of the
United States District Court for the Southern District of New York
dismissing the consolidated securities class action lawsuit, is
being filed with the Securities and Exchange Commission.
Magnum Hunter Management Comments
Mr. Paul M. Johnston, Senior Vice President and General Counsel,
commented, "It is very gratifying that we have been successful in
securing the dismissal of such a large number of lawsuits against
our Company and certain directors and officers. Fortunately, courts
throughout the country are taking a much tougher stance on these
types of complaints against companies and their directors and
officers. We would like to also express our appreciation to the
litigation team at Norton Rose Fulbright in Houston who led our
efforts in all of these dismissals."
About Magnum Hunter Resources Corporation
Magnum Hunter Resources Corporation and subsidiaries are a
Houston, Texas-based independent exploration and production company
engaged in the acquisition, development and production of crude
oil, natural gas and natural gas liquids, primarily in the States
of West Virginia, Ohio, and North Dakota. The Company is presently
active in three of the most prolific unconventional shale resource
plays in North America, namely the Marcellus Shale, Utica Shale,
and Williston Basin/Bakken Shale.
Availability of Information on the Company's Website
Magnum Hunter is providing a reminder that it makes available on
its website (at www.magnumhunterresources.com) a variety of
information for investors, analysts and the media, including the
following:
- annual reports on Form 10-K, quarterly reports on Form 10-Q,
current reports on Form 8-K and any amendments to those reports as
soon as reasonably practicable after the material is electronically
filed with or furnished to the Securities and Exchange
Commission;
- the most recent version of the Company's Investor Presentation
slide deck;
- announcements of conference calls, webcasts, investor
conferences, speeches and other events at which Company executives
may discuss the Company and its business and archives or
transcripts of such events;
- press releases regarding annual and quarterly earnings,
operational developments, legal developments and other matters;
and
- corporate governance information, including the Company's
corporate governance guidelines, committee charters, code of
conduct and other governance-related matters.
Magnum Hunter's goal is to maintain its website as the
authoritative portal through which visitors can easily access
current information about the Company. Over time, the Company
intends for its website to become a primary channel for public
dissemination of important information about the
Company. Investors, analysts, media and other interested
persons are encouraged to visit the Company's website
frequently.
Certain information included on the Company's website
constitutes forward-looking statements and is subject to the
qualifications under the heading "Forward-Looking Statements" below
and in the Company's Investor Presentation slide deck.
Forward-Looking Statements
This press release includes "forward-looking statements." All
statements other than statements of historical facts included or
incorporated herein may constitute forward-looking statements.
Actual results could vary significantly from those expressed or
implied in such statements and are subject to a number of risks and
uncertainties. Although Magnum Hunter believes that the
expectations reflected in the forward-looking statements are
reasonable, Magnum Hunter can give no assurance that such
expectations will prove to be correct. The forward-looking
statements involve risks and uncertainties that affect operations,
financial performance, and other factors as discussed in filings
made by Magnum Hunter with the Securities and Exchange Commission
(SEC). Among the factors that could cause results to differ
materially are those risks discussed in the periodic reports filed
by Magnum Hunter with the SEC, including Magnum Hunter's Annual
Report on Form 10-K for the fiscal year ended December 31, 2013 and
its Quarterly Reports on Form 10-Q for the fiscal quarters ended
after such fiscal year. You are urged to carefully review and
consider the cautionary statements and other disclosures made in
those filings, specifically those under the heading "Risk Factors."
Forward-looking statements speak only as of the date of the
document in which they are contained, and Magnum Hunter does not
undertake any duty to update any forward-looking statements except
as may be required by law.
Contact: Cham King AVP, Investor Relations
ir@magnumhunterresources.com 832-203-4560