Hagens Berman Notifies Harvest Natural Resources, Inc. Investors of Pending Class Action; Alerts Inv
Hagens Berman Notifies Harvest Natural Resources, Inc. Investors of Pending Class Action; Alerts Investors to May 21, 2013 Lead Plaintiff Deadline
BERKELEY, Calif.--(BUSINESS WIRE)-- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, is investigating Harvest Natural Resources, Inc. (NYS: HNR) ("HNR" or "The Company"), following the filing of a class-action lawsuit on behalf of investors. The firm encourages those who have suffered losses to contact Hagens Berman Partner Reed Kathrein, who is leading the Firm's investigation, by emailing HNR@hbsslaw.com.
A class-action lawsuit filed in the U.S. District Court for the Southern District of Texas identifies a class of HNR investors who purchased stock in the company between May 7, 2010, and March 18, 2013, inclusive (the "class period"). Those who suffered significant losses and wish to move to be a lead plaintiff may also contact the firm by calling (510) 725-3000.
Investors who wish to serve as lead plaintiff in the case must move the court no later than May 21, 2013. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
On March 19, 2013, HNR disclosed a number of errors in its financial statements. The company noted that due to material weaknesses in its internal controls, it would be required to revise or restate certain financial statements during 2010, 2011 and 2012.
Following the disclosure, the company's stock price fell more than 30 percent. The stock continues to trade far below class period highs.
The class-action lawsuit alleges that HNR failed to disclose material information to investors, including incorrect capitalization of certain costs and misrepresentation of certain cash flow items, among other issues.
Hagens Berman's investigation centers around what HNR and its executives knew prior to the March 19 announcement.
"What is most concerning about HNR's actions is that they sold a substantial amount of stock three years ago," said Mr. Kathrein. "We understand that the company is preparing to revise or even restate financial statements that far back. That means the company may have been intentionally playing with the books while the insiders were dumping shares, and kept it hidden until now."
Hagens Berman reminds whistleblowers with inside information that rewards may be available to individuals who report information leading to a successful enforcement action by the Securities and Exchange Commission. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
More information about this investigation is available at http://www.hb-securities.com/investigations/HNR.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com. The Firm's securities law blog is at http://www.meaningfuldisclosure.com.
Firmani + Associates
Mark Firmani, 206-443-9357
KEYWORDS: United States North America California
The article Hagens Berman Notifies Harvest Natural Resources, Inc. Investors of Pending Class Action; Alerts Investors to May 21, 2013 Lead Plaintiff Deadline originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.