NEW YORK, June 7, 2013 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors of Magnum Hunter Resources Corporation ("Magnum Hunter" or the "Company") (NYSE:MHR) (NYSE:MHR-PD) (NYSE:MHR-PE) (NYSE:MHR-PC) of the June 24, 2013 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain executives.
A complaint has been filed on behalf of all persons who purchased or otherwise acquired Magnum Hunter securities between January 17, 2012 and April 22, 2013 (the "Class Period"). The action alleges that the Company and its executives violated federal securities laws by failing to disclose that: (1) PricewaterhouseCoopers LLP ("PwC"), the Company's outside auditor, had identified serious issues relating to Magnum Hunter's internal accounting controls; (2) Magnum Hunter's oil and gas properties were not appropriately valued; (3) there were issues relating to the calculation of the Company's oil and gas reserves; (4) the Company may have been violating tax regulations; (5) the Company had improperly accounted for its acquisition of NGAS Resources, Inc.; and (6) Magnum Hunter was in non-compliance with certain of its debt covenants.
On April 16, 2013, Magnum Hunter disclosed that it had dismissed PwC.
Then on April 22, 2013, Magnum Hunter disclosed that PwC disagreed with the Company's account of their parting, disclosing a letter from PwC stating that PwC had advised the Company it had received information concluding that the fairness and reliability of the Company's consolidated financial statements were questionable. This issue was not resolved to PwC's satisfaction prior to its dismissal.
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If you invested in Magnum Hunter stock or options between January 17, 2012 and April 22, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/MHR. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Magnum Hunter's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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CONTACT: FARUQI & FARUQI, LLP 369 Lexington Avenue, 10th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. email@example.com Francis McConville, Esq. firstname.lastname@example.org Telephone: (877) 247-4292 or (212) 983-9330Source:Faruqi & Faruqi LLP