SAN DIEGO, April 29, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of Magnum Hunter Resources Corp. (MHR) common stock over alleged violations of Federal Securities Laws by Magnum Hunter Resources Corp. in connection with certain allegedly false and misleading statements made between January 17, 2012 and April 22, 2013.
If you purchased a significant amount of common stock of Magnum Hunter Resources Corp. (MHR) between January 17, 2012 and April 22, 2013, and /or if you purchased MHR shares prior in January 2012 and currently hold any of those shares, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at firstname.lastname@example.org or call +1 (858) 779-1554.
The plaintiff alleges that investors were misled concerning the reliability of Magnum Hunter Resources' financial statements and internal controls in order to, among other things, facilitate the sale by Magnum Hunter Resources Corp. of hundreds of millions of dollars' worth of its common stock, preferred shares and publicly traded debt in multiple offerings conducted between January 17, 2012 and April 22, 2013.
On April 16, 2012, Magnum Hunter Resources Corp. provided its First Quarter 2013 Company Wide Operational Update. The same day Magnum Hunter Resources Corp. disclosed in a filing with the SEC that on April 10, 2013, Magnum Hunter Resources Corporation at the direction of the Audit Committee of Magnum Hunter Resources' Board of Directors dismissed PricewaterhouseCoopers LLP ("PwC") as Magnum Hunter Resources' independent registered public accounting firm for the fiscal year ended December 31, 2012, effective immediately.
Then on April 22, 2013, Magnum Hunter Resources Corp. disclosed that PricewaterhouseCoopers LLP disagreed with its account of their parting, disclosing a letter from PricewaterhouseCoopers LLP stating that PwC had "advised the Company that information [had come] to [its] attention that [PwC had] concluded materially impact[ed] the fairness or reliability of the Company's consolidated financial statements and [that] this issue was not resolved to [PwC's] satisfaction prior to [its] dismissal."
MHR shares fell on April 22, 2013, to as low as $2.39, which is less than half its current 52 week High of $6.45 per share.
The plaintiff seeks to recover damages.
Those who purchased MHR shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at email@example.com 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 firstname.lastname@example.org 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
Source:Shareholders Foundation, Inc.