(IBwire.com – April 4, 2012) - The Law
Offices of Marc S. Henzel (www.henzellaw.com)
a firm focusing on shareholder litigation, announces that a class action suit
has been filed against Hyperdynamics
Corporation (NYSE: HDY)
A class action lawsuit
has been filed in the United States District Court for the Southern District of
Texas, Houston Division on behalf of all persons or entities that purchased the
securities of Hyperdynamics Corporation (NYSE: HDY)
between February 17, 2011 and February 15, 2012, inclusive (the “Class
Period”), alleging violations of the Securities Exchange Act of 1934 against
the Company and its President and Chief Operating Officer (the “Complaint”).
The Complaint
alleges that throughout the Class Period, defendants made materially false and
misleading statements regarding its business and financial results that
artificially inflated the price of the Company’s common stock. Specifically,
the Complaint alleges that defendants concealed that numerous cost overruns and
logistical delays caused by limited port facilities in Guinea, as well as mechanical
and operational issues in connection with the spudding of its Sabu-1 well, the
Company could not begin drilling on the Baraka-1 well; despite its public
statements, Hyperdynamics did not have adequate funds to drill both the Sabu-1
and the Baraka-1 wells; due to these problems, and defendants lacked a
reasonable basis for their positive statements concerning the Company’s
operations or the future value of its oil and gas concessions.
On November 9, 2011, the
Company announced disappointing first quarter 2012 financial results and
reported it had increased estimates for its two exploration wells from $80
million to $135 million. In addition, the Company announced that drilling
results for its Sabu-1 well would likely be delayed until late December or
early January and, therefore, its plans for drilling its Baraka-1 well may be
delayed. On this partial disclosure, the price of the Company’s stock declined
$1.33, or 25%, to a close of $4.06 per share on heavy trading volume. On December 14, 2011, the Company
provided an operational update on the Sabu-1 well, stating that due to
mechanical and operational issues it had only drilled to 1.440 meters compared
to 1,400 the previous month. On this disclosure, the price of the Company’s
stock declined $0.52 per share, or 19%, to close at $2.16 per share on December 14, 2011, on
unusually heavy trading volume. On January 30, 2012, Hyperdynamics announced that due to
higher than anticipated drilling costs at the Sabu-1 well, the Company entered
into an agreement with an institutional investor to raise $30 million through
an offering of the Company’s common stock. On this news, the price of the
Company’s stock declined $0.77 per share, or 23%, to a close of $2.60 per share
on January 30, 2012,
on very heavy volume. Finally, on February 15, 2012, the Company announced disappointing
results from the Sabu-1 exploration well, reporting only non-commercial
quantities of oil present. On this news, the price of the Company’s common
stock declined $0.58 per share, or 29%, to close at $1.44 per share on heavy
trading volume.
If you purchased
shares of Hyperdynamics Corporation
(NYSE: HDY) during the class period and would like to learn more about any
potential claims or you wish to discuss these matters and have any questions
concerning this announcement or your rights, please contact Marc S. Henzel
(610) 660-8000, email at Mhenzel@Henzellaw.com,
or to sign up online, visit the firms website at www.henzellaw.com.
The Law Offices
of Marc S. Henzel is a national shareholder litigation firm representing
shareholders & investors in various areas of securities laws including but
not limited to; class actions, derivatives, transactional (buyouts/mergers/acquisitions)
and FINRA & NYSE Arbitrations.
Attorney advertising. © 2012 Law
Offices of Marc S. Henzel. The law firm
responsible for this advertisement is Marc S. Henzel. Prior results do not guarantee or predict a
similar outcome with respect to any future matter.
Contact:
Law
Offices of Marc S. Henzel
Marc
S. Henzel
Email:
Mhenzel@Henzellaw.com
Phone
610-660-8000
Website: www.henzellaw.com.
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