MILWAUKEE, April 17, 2013 (GLOBE NEWSWIRE) -- We are investigating possible securities fraud claims against Magnum Hunter Resources Corporation (MHR) resulting from inaccurate statements Magnum made regarding its financial performance and future prospects for the period May 3, 2012 to April 16, 2013.
Click here to learn more about the investigation: http://www.ademilaw.com/case/magnum-hunter-resources-corporation or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Our investigation focuses on the extent to which Magnum issued false and misleading financial statements. On April 16, Magnum announced the dismissal of PricewaterhouseCoopers LLP as its independent auditor. PwC had identified several issues regarding Magnum's financial reporting, and most notably: (i) the valuation of Magnum's oil and gas properties, (ii) the accuracy of Magnum's reported oil and gas reserves, (iii) Magnum's treatment of certain income tax matters, (iv) Magnum's accounting of its acquisition of NGAS Resources, Inc., (iv) whether restatement(s) of previous financial statements was necessary, and (v) material weaknesses in Magnum's internal controls over financial reporting.
In response, Magnum has created a Remediation Plan to provide an appropriate "tone at the top" to assure Magnum achieves effective and comprehensive internal controls over financial reporting. Additionally, Magnum has adopted a "hands on" and proactive approach to address the internal control deficiencies. To this end, Magnum will hire additional accounting personnel with greater expertise, engage outside consultants and invest in new software and technology.
If you wish to obtain additional information or have information about Magnum, please contact Guri Ademi either at firstname.lastname@example.org or toll-free: 866-264-3995, http://www.ademilaw.com/case/magnum-hunter-resources-corporation.
We specialize in securities fraud and shareholder litigation. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP