HOUSTON, Dec. 2, 2015 /PRNewswire/ -- Hydrocarb Energy Corporation (OTCQB:HECC) announced today that it has retained the law firm of Christian Smith & Jewell to help investigate allegations of illegal naked short selling of the company's stock.
Christian Smith & Jewell has represented a number of leading publicly traded companies in their bids to combat illegal naked short selling, including Overstock.com and Taser International both of which alleged illegal activity which resulted in settlement. Such activity is similar to what Hydrocarb's management expects will be found also. The firm has also been featured in a variety of media outlets including Bloomberg Television, in the film Stock Shock and a documentary film, The Wall Street Conspiracy.
"We have an obligation to our shareholders to ensure that our market trades efficiently and with integrity, as well as to ensure that there is no illegal activity with regard to our stock," said the company's Chief Executive Officer, Kent P. Watts. "To this end, we have been concerned about illegal naked short selling for some time and believe that working with Wes Christian and his firm may provide a solution that will eliminate any securities fraud in our stock, which, in turn, we believe will ensure a free market for our stock with no illegal manipulation."
About Hydrocarb: Hydrocarb Energy Corporation is a publicly-traded Domestic and International Energy Exploration and Production Company targeting major under-explored oil and gas projects in emerging, highly prospective regions of the world. With exploration concessions in Africa and domestic production in Galveston Bay, we maintain offices in Houston, Texas, and Windhoek, Namibia.
This news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinion, belief or forecasts of future events and performance. A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "should," and certain of the other foregoing statements may be deemed forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Forward-looking statements are subject to risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause the company to delay or suspend planned drilling operations or reduce production levels; risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or fourth party consents; and other risks described in the company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other filings with the SEC, available at the SEC's website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the company. The company's SEC filings are available at http://www.sec.gov.