MILWAUKEE, May 30, 2013 (GLOBE NEWSWIRE) -- We are investigating Harvest Natural Resources, Inc. ("Harvest Natural" or the "Company") and its Board of Directors in connection with the Company's failure to comply with federal and state regulations and requesting that the Board improve the company's governance and internal controls so as to avoid such violations going forward.
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In June 2012, the Company entered into a share purchase agreement with PT Pertamina, a company owned and operated by Indonesia, under which Harvest Natural agreed to sell its interests in a Venezuelan oil company for a cash purchase price of $725 million. On February 19, 2013, the contract was terminated, reportedly because Harvest Natural demanded twice the agreed upon investment from PT Pertamina. Then, in March 2013, the company disclosed that it was unable to file its 2012 annual report due to accounting errors, and that the company had identified material weakness in its financial controls. Subsequently, the company stated that its financial statements from 2010 to the present should no longer be relied upon, and that they will be restated. The Company also admitted that it did not maintain the level of accounting knowledge and training necessary to meet financial reporting requirements.
If you have owned common stock in Harvest Natural since May 2010 or earlier and wish to obtain additional information, please contact Guri Ademi either at firstname.lastname@example.org or toll-free: 866-264-3995, http://www.ademilaw.com/case/harvest-natural-resources-inc.
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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