NEW YORK, April 11, 2014 /PRNewswire/ --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
SOURCE Pomerantz LLP
