Hagens Berman Notifies Harvest Natural Resources, Inc. Investors of Pending
Class Action; Alerts Investors to May 21, 2013 Lead Plaintiff Deadline
BERKELEY, Calif. -- March 26, 2013
Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, is
investigating Harvest Natural Resources, Inc. (NYSE: HNR) (“HNR” or “The
Company”), following the filing of a class-action lawsuit on behalf of
investors. The firm encourages those who have suffered losses to contact
Hagens Berman Partner Reed Kathrein, who is leading the Firm’s investigation,
by emailing HNR@hbsslaw.com.
A class-action lawsuit filed in the U.S. District Court for the Southern
District of Texas identifies a class of HNR investors who purchased stock in
the company between May 7, 2010, and March 18, 2013, inclusive (the “class
period”). Those who suffered significant losses and wish to move to be a lead
plaintiff may also contact the firm by calling (510) 725-3000.
Investors who wish to serve as lead plaintiff in the case must move the court
no later than May 21, 2013. Any member of the putative class may move the
Court to serve as lead plaintiff through counsel of their choice, or may
choose to do nothing and remain an absent class member.
On March 19, 2013, HNR disclosed a number of errors in its financial
statements. The company noted that due to material weaknesses in its internal
controls, it would be required to revise or restate certain financial
statements during 2010, 2011 and 2012.
Following the disclosure, the company’s stock price fell more than 30 percent.
The stock continues to trade far below class period highs.
The class-action lawsuit alleges that HNR failed to disclose material
information to investors, including incorrect capitalization of certain costs
and misrepresentation of certain cash flow items, among other issues.
Hagens Berman’s investigation centers around what HNR and its executives knew
prior to the March 19 announcement.
“What is most concerning about HNR’s actions is that they sold a substantial
amount of stock three years ago,” said Mr. Kathrein. “We understand that the
company is preparing to revise or even restate financial statements that far
back. That means the company may have been intentionally playing with the
books while the insiders were dumping shares, and kept it hidden until now.”
Hagens Berman reminds whistleblowers with inside information that rewards may
be available to individuals who report information leading to a successful
enforcement action by the Securities and Exchange Commission. Under the new
SEC whistleblower program, whistleblowers who provide original information may
receive rewards totaling up to 30 percent of any successful recovery made by
More information about this investigation is available at
About Hagens Berman
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm
with offices in 10 cities. The Firm represents investors, whistleblowers,
workers and consumers in complex litigation. More about the law firm and its
successes can be found at www.hbsslaw.com. The Firm’s securities law blog is
Firmani + Associates
Mark Firmani, 206-443-9357
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