The Shareholders Foundation announces that an investor, who purchased shares of Hyperdynamics Corporation (NYSE:HDY), filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Hyperdynamics Corporation in connection with certain allegedly false and misleading statements made between November 8, 2012 and March 11, 2014
Investors who purchased a significant amount of shares of Hyperdynamics Corporation (NYSE:HDY) between November 8, 2012 and March 11, 2014, and/or those who purchased NYSE:HDY shares in November 2012 or earlier and currently hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: May 12, 2014. NYSE:HDY investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Hyperdynamics Corporation (NYSE:HDY) between November 8, 2012 and March 11, 2014, that Hyperdynamics Corporation and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff claims that defendants made false and/or misleading statements and/or failed to disclose that Hyperdynamics Corporation 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, that Hyperdynamics Corporation lacked adequate internal and financial controls, and that as a result of the foregoing, Hyperdynamics Corporation’s statements were materially false and misleading at all relevant times.
On Dec. 31, 2012, Hyperdynamics Corporation announced that its wholly owned subsidiary, SCS Corporation Ltd, has completed the previously announced sale of a 40% gross interest in the Company’s oil and gas exploration concession offshore Guinea to Tullow Guinea Ltd., a subsidiary of U.K.-based Tullow Oil plc. Pursuant to the sale, among other things, Tullow Oil paid $27 million to Hyperdynamics for reimbursement of past costs, and agreed to pay Hyperdynamics’ pro rata share of future drilling costs for an exploration and appraisal well up to $100 million.
On April 1, 2013, Tullow Oil became the operator of the Concession.
On September 30, 2013 Hyperdynamics Corporation announced 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. The announcement stated that the DOJ is investigating whether Hyperdynamics’ activities in obtaining the Concession violated the U.S. Foreign Corrupt Practices Act or U.S. anti-money laundering statutes.
On October 1, 2013, Reuters quoted Hyperdynamics’ Chief Executive Officer, Ray Leonard, as stating that the DOJ probe likely won’t affect Hyperdynamics’ ability to explore the Concession.
On February 7, 2014, Hyperdynamics Corporation announced that it has filed operational and financial results for the three- and six-month periods ended December 31, 2013 with the U.S. Securities and Exchange Commission. Hyperdynamics Corporation disclosed that, in January 2014, it received a subpoena from the Securities and Exchange Commission (SEC) relating to its acquisition of the Concession.
On March 12, 2014, Tullow Oil announced that the DOJ and SEC investigations constituted a “force majeure” under its agreement with Hyperdynamics, thereby allowing Tullow Oil to suspend plans to start drilling a deepwater well at the Concession on April 1, 2014. According to Tullow Oil , it “cannot proceed with its activities on the [Concession] until these [regulatory] issues are resolved.”
Shares of Hyperdynamics Corporation (NYSE:HDY) declined to $1.24 per share on March 12, 2014.
Hyperdynamics Corporation reported that its Net Loss declined from $149.31 million for the 12 months period the ended on June 30, 2012 to $18.46 million for the 12 months period that ended on June 30, 2013.
On March 25, 2014, NYSE:HDY shares closed at $1.98 per share.
Those who purchased shares of Hyperdynamics Corporation (NYSE:HDY) have certain options and should contact the Shareholders Foundation.
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