Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From
Investment in Harvest Natural Resources, Inc. to Inquire About the Lead
Plaintiff Position in Securities Fraud Class Action Lawsuit Before the May 21,
2013 Lead Plaintiff Deadline -- HNR
STEVENSON, Md., March 26, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A
Professional Corporation announces that a class action lawsuit has been
commenced in the United States District Court for the Southern District of
Texas on behalf of purchasers of Harvest Natural Resources, Inc. ("Harvest
Natural" or the "Company") (NYSE:HNR) common stock during the period between
May 7, 2010 and March 18, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Harvest Natural Resources,
Inc. common stock purchased on or after May 7, 2010, and held through March
18, 2013, you may obtain additional information about this lawsuit and your
ability to become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at firstname.lastname@example.org, by calling
410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley
Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined
experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action.Members of the Class will
be represented by the lead plaintiff and counsel chosen by the lead
plaintiff.If you wish to choose counsel to represent you and the Class, you
must apply to be appointed lead plaintiff no later than May 21, 2013 and be
selected by the Court.The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a settlement
and how much of a settlement to accept for the Class in the action. The lead
plaintiff will be selected from among applicants claiming the largest loss
from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange
Act of 1934 by virtue of the defendants' failure to disclose during the Class
Period that the Company incorrectly capitalized certain lease maintenance and
certain internal selling, general and administrative costs, that the Company
improperly presented certain cash flow items and caused certain long-lived
assets to be impaired, and that the Company was unable to sell its interests
in Petrodelta S.A. to PT Pertamina.According to the Complaint, following the
Company's February 20, 2013 disclosure that the Company's acquisition of PT
Pertamina had been terminated and following the Company's March 19, 2013
disclosure that there were certain errors in its financial statements related
to, among other things the capitalization of certain costs, that would require
possible restatement of the Company's financials for various periods in 2010,
2011 and 2012 because of a material weakness in its controls over the accuracy
and presentation of its accounting for long-lived assets, the value of Harvest
Natural shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your choice.You
need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
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