Lawsuit on Behalf of Harvest Natural Resources, Inc. (HNR) Investors Over Alleged Misleading Statements Announced by Shareholders Foundation
SAN DIEGO, March 25, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of Harvest Natural Resources, Inc. (HNR) common stock over alleged violations of Federal Securities Laws by Harvest Natural Resources, Inc. in connection with certain allegedly false and misleading statements made between May 7, 2010 and March 18, 2013.
If you purchased a significant amount of common stock of Harvest Natural Resources, Inc. (HNR) between May 7, 2010 and March 18, 2013 and / or if you purchased HNR shares in 2010 or earlier and currently hold any of those shares, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at email@example.com or call +1 (858) 779-1554.
The plaintiff alleges that defendants made false and/or misleading statements and/or failed to disclose that Harvest Natural Resources incorrectly capitalized certain lease maintenance costs and certain internal selling, general and administrative costs, that Harvest Natural Resources improperly presented certain cash flow items and caused certain long-lived assets to be impaired, Harvest Natural Resources was unable to sell its interests in Petrodelta S.A. to PT Pertamina (Persero), and that Harvest Natural Resources lacked adequate internal and financial controls.
On Feb. 20, 2013, Harvest Natural Resources, Inc. announced that the Share Purchase Agreement between PT Pertamina (Persero) and HNR Energia B.V., a wholly-owned subsidiary of Harvest, for the purchase of Harvest Natural Resources' interests in Venezuela for $725 million has been terminated.
On March 19, 2013, Harvest Natural Resources disclosed that there were certain errors in its financial statements related to, among others, the capitalization of certain lease maintenance costs and certain internal selling, general and administrative costs. In addition, the Company disclosed that it had determined that a material weakness existed in its controls over the accuracy and presentation of its accounting for certain long-lived assets and that the Company would be required to "revise and possibly restate its financial statements for certain periods in 2010, 2011 and 2012."
HNR shares declined from $9.16 on Feb. 19, 2013 to $5.45 on Feb 20, 2013 and to as low as $3.05 on March 19, 2013.
The plaintiff seeks to recover damages.
Those who purchased HNR shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at firstname.lastname@example.org or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc. Trevor Allen +1 (858) 779-1554 email@example.com 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
Source:Shareholders Foundation, Inc.