Wolf Haldenstein Adler Freeman & Herz LLP 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 the common stock of Harvest Natural Resources, Inc. (“HNR” or the “Company”) [NYSE: HNR] between May 7, 2010 and March 19, 2013, inclusive (the “Class Period”), against the Company and certain of the Company’s officers, alleging securities fraud pursuant to Sections 10(b) and 20(a) of the Exchange Act [15 U.S.C. §§ 78j(b) and 78t(a)] and Rule 10b-5 promulgated thereunder by the SEC [17 C.F.R. § 240.10b-5] (the “Class”).
The case name is styled Kim v. Harvest Natural Resources, et al. A copy of the complaint filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at www.whafh.com.
During the Class Period, HNR issued materially false and misleading statements and omitted to state material facts that rendered their affirmative statements misleading as they related to the Company’s financial performance, business prospects, and financial condition. As a result of these materially false and misleading statements, the price of the Company’s securities was artificially inflated during the Class Period. As the truth of the Company’s materially false and misleading statements entered the market, the Company’s stock plummeted.
The Complaint alleges that statements made by defendants are false and misleading because defendants failed to disclose that: (1) the Company incorrectly capitalized certain lease maintenance costs and certain internal selling, general and administrative costs; (2) the Company improperly presented certain cash flow items and caused certain long-lived assets to be impaired; (3) the Company was unable to sell its interests in Petrodelta S.A. to PT Pertamina (Persero); (4) the Company lacked adequate internal and financial controls; and (5) as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times.
As a result of the market’s assimilation of the news disclosed in the Company’s March 19, 2013 press release, the Company’s shares declined $1.79 per share or more than 32%, to close at $3.70 per share.
In ignorance of the false and misleading nature of the statements described in the Complaint, and the deceptive and manipulative devices and contrivances employed by said defendants, plaintiff and the other members of the Class relied, to their detriment, on the integrity of the market price of HNR common stock. Had plaintiff and the other members of the Class known the truth, they would not have purchased said common stock, or would not have purchased them at the inflated prices that were paid.
If you purchased HNR common stock during the Class Period, you may request that the Court appoint you as lead plaintiff by May 21, 2013. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 70 attorneys in various practice areas; and offices in Chicago, New York City, and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Giti Baghban, Esq., or David Weinstein), via e-mail at firstname.lastname@example.org or visit our website at www.whafh.com. All e-mail correspondence should make reference to HNR.
Giti Baghban, Esq. or David Weinstein
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