STEVENSON, Md., March 26, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas on behalf of purchasers of Harvest Natural Resources, Inc. ("Harvest Natural" or the "Company") (NYSE:HNR) common stock during the period between May 7, 2010 and March 18, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Harvest Natural Resources, Inc. common stock purchased on or after May 7, 2010, and held through March 18, 2013, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 21, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company incorrectly capitalized certain lease maintenance and certain internal selling, general and administrative costs, that the Company improperly presented certain cash flow items and caused certain long-lived assets to be impaired, and that the Company was unable to sell its interests in Petrodelta S.A. to PT Pertamina. According to the Complaint, following the Company's February 20, 2013 disclosure that the Company's acquisition of PT Pertamina had been terminated and following the Company's March 19, 2013 disclosure that there were certain errors in its financial statements related to, among other things the capitalization of certain costs, that would require possible restatement of the Company's financials for various periods in 2010, 2011 and 2012 because of a material weakness in its controls over the accuracy and presentation of its accounting for long-lived assets, the value of Harvest Natural shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation