NEW YORK, April 25, 2013 /PRNewswire/ -- Bernstein Liebhard LLP today announced that approximately one month remains – until May 21, 2013 – to file a motion for lead plaintiff in a securities class action lawsuit that was recently commenced in the United States District Court for the Southern District of Texas on behalf of a class (the "Class") of purchasers of Harvest Natural Resources, Inc. ("Harvest" or the "Company") (NYSE: HNR) securities between May 7, 2010 and March 19, 2013 (the "Class Period").
Harvest Natural is an independent energy company engaged in the acquisition, development, production and disposition of oil and natural gas properties. The Company is focused on the exploration of oil and gas fields in known hydrocarbon basins worldwide.
The Complaint alleges that throughout the Class Period, Defendants issued a series of materially false and misleading statements regarding the Company's revenues and operations. Specifically, Defendants made false and/or misleading statements and/or 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 Defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, Plaintiff and other Class members have suffered significant losses and damages.
On February 20, 2013, the Company disclosed the termination of the Share Purchase Agreement between PT Pertamina (Persero) and HNR Energia B.V., a wholly-owned subsidiary of Harvest. On this news, Harvest stock fell $3.71 per share or 40.5%, to close at $5.45 per share on February 20, 2013.
On March 19, 2013, the Company disclosed that there were certain errors in its financial statements related to, among others, the capitalization of certain lease maintenance costs and certain internal selling, general and administrative costs. In addition, the Company disclosed that it had determined that a material weakness existed in its controls over the accuracy and presentation of its accounting for certain long-lived assets. As a result, the Company would be required to "revise and possibly restate its financial statements for certain periods in 2010, 2011 and 2012." On this news, Harvest stock plummeted $1.79 per share or more than 32%, to close at $3.70 per share on March 19, 2013.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Harvest stock during the Class Period. If you invested in Harvest stock as described above during the Class Period, and either lost money on the transaction or still hold the stock, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than 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 Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Harvest shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or [email protected].
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal's "Plaintiffs' Hot List" in each of the last ten years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of Texas.
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SOURCE Bernstein Liebhard LLP