SAN DIEGO and HOUSTON, March 21, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Hyperdynamics Corporation (NYSE: HDY) has filed a federal securities fraud class action complaint in the U.S. District Court for the Southern District of Texas. The complaint alleges that the company and certain of its officers and directors violated the Securities and Exchange Act of 1934 between November 8, 2012 and March 11, 2014 (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.
Hyperdynamics Accused of Violating the Foreign Corrupt Practices Act
According to the complaint, shares of Hyperdynamics fell on multiple occasions beginning with a decline of $0.66, or nearly 15%, to close at $3.76 per share on October 1, 2013. This initial drop followed the September 30, 2013 announcement that the company had received a subpoena from the United States Department of Justice seeking documents related to the company's business practices in Guinea. Specifically, the DOJ's investigation focused on the company's efforts to obtain and retain concession rights in possible violation of the U.S. Foreign Corrupt Practices Act or U.S. anti-money laundering statutes. Shares of Hyperdynamics declined $3.07 per share, or over 58%, to close at $2.19 on March 12, 2014, after the company announced that its partner in the Guinea project, Tullow Oil Plc, ceased operations based on investigations by the DOJ and U.S. Securities and Exchange Commission regarding alleged fraud and corruption by Hyperdynamics in obtaining drilling licenses in Guinea.
The complaint further alleges that Hyperdynamics made materially false and misleading statements regarding the accuracy of the company's financial statements and its internal and financial controls. As a result, Hyperdynamics statements regarding financial performance were materially false and misleading throughout the Class Period.
Hyperdynamics Shareholders Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo
If you invested in Hyperdynamics and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the information form on the firm's shareholder rights blog: www.robbinsarroyo.com/shareholders-rights-blog/hyperdynamics-corporation
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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SOURCE Robbins Arroyo LLP