Cohen Milstein Sellers & Toll PLLC Announces the Investigation of Harvest Natural Resources, Inc.
WASHINGTON--(BUSINESS WIRE)-- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Harvest Natural Resources, Inc. ("Harvest" or the "Company") and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Several class action lawsuits were filed in the U.S. District Court for the Southern District of Texas by other law firms on behalf of purchasers of the common stock of Harvest Natural Resources, Inc. (NYS: HNR) between May 7, 2010 and March 19, 2013, inclusive (the "Class Period").
The complaint alleges that Harvest and certain of its officers and directors ("Defendants") misrepresented and/or failed to disclose that: (1) Harvest incorrectly capitalized certain lease maintenance costs and certain internal selling, general and administrative costs; (2) Harvest improperly presented certain cash flow items and caused certain long-lived assets to be impaired; (3) Harvest would be unable to sell its interests in Venezuela; (4) Harvest 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.
On March 19, 2013, the Company disclosed that there were certain errors in its financial statements related to the capitalization of certain lease maintenance costs and certain internal selling, general and administrative costs. It also reported that there was a material weakness in its internal controls over the accuracy and presentation of its accounting for certain long-lived assets and that it would "revise and possibly restate its financial statements for certain periods in 2010, 2011 and 2012." The price of Harvest shares fell from $5.49 to $3.70 on March 19.
On April 4, 2013, Harvest issued a press release in which it reported the following concerning the accounting issues and planned restatement:
The Company intends to file amendments to its quarterly reports on Form 10-Q/A for each fiscal quarter ended March 31, 2012, June 30, 2012 and September 30, 2012, which will also include amendments to the quarters ended March 31, 2011, June 30, 2011, and September 30, 2011.The Company intends to restate its financial statements for the Restated Periods in the 2012 Form 10-K which the Company currently expects to file with the Securities and Exchange Commission as soon as reasonably practicable to correct the accounting treatment for the items discussed above.
Harvest also announced that its audit report would express "substantial doubt" about the company's ability to continue as a going concern.
On April 10, 2013, the Company reported that it had received a delisting notice from the NYSE due to its failure to timely file its 2012 Form 10-K.
Cohen Milstein encourages all investors who purchased Harvest common stock between May 7, 2010 and March 19, 2013 or former employees with information concerning this matter to contact the firm.
If you are a Harvest shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein's Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at email@example.com. If you wish to serve as lead plaintiff, you must move the Court no later than May 21, 2013 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, Philadelphia and Palm Beach Gardens, and is active in major litigation pending in federal and state courts throughout the nation.
The firm's reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over a billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: firstname.lastname@example.org; email@example.com
KEYWORDS: United States North America District of Columbia
The article Cohen Milstein Sellers & Toll PLLC Announces the Investigation of Harvest Natural Resources, Inc. originally appeared on Fool.com.
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