BOSTON, April 24, 2013 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, announces that it has filed a class action lawsuit against Harvest Natural Resources, Inc. (NYSE: HNR) ("HNR" or the "Company"). The lawsuit, captioned Myers v. Harvest Natural Resources, Inc., et al., Case No. 4:13-cv-1139, is pending in the U.S. District Court for the Southern District of Texas.
The lawsuit alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased or otherwise acquired HNR's common stock during the period May 7, 2010 through March 19, 2013 (the "Class Period").
The complaint asserts that HNR made false and misleading statements regarding the Company's internal financial controls and its accounting for certain lease maintenance costs. More specifically, the complaint alleges that: (1) HNR incorrectly capitalized certain lease maintenance costs and internal selling, general and administrative costs; (2) HNR improperly presented cash flow items and caused certain long-lived assets to be impaired; and (3) HNR was unable to sell its interests in Petrodelta S.A. to PT Pertamina (Persero). Because of these false statements, HNR will likely be required to restate its financial statements years 2010, 2011 and 2012.
Shortly after the release of the news regarding the Company's inability to sell its interests in Petrodelta S.A., shares of HNR declined $3.71 per share or 40.5%, to close at $5.45 per share. Following the announcement of the potential restatement, HNR shares declined an additional $1.79 per share or more than 32%, to close at $3.70 per share.
If you are a member of the Class, you may, no later than May 21, 2013, request that the court appoint you as Lead Plaintiff for the Class. You may contact the attorneys at Block & Leviton to discuss your rights in the case. You may also retain counsel of your choice and you need not take any action at this time to be a class member. If you have any questions regarding your rights related to this action or have information relevant to the claims asserted in the complaint, please contact attorney Steven Harte of Block & Leviton LLP at (617) 398-5600 or Steven@blockesq.com
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Steven P. Harte, Esq.
SOURCE Block & Leviton LLP