Harvest Natural Shareholder Alert: Briscoe Law and Powers Taylor Investigate
Possible Breaches of Fiduciary Duty by Officers and Directors
DALLAS -- April 8, 2013
Former United States Securities and Exchange Commission attorney Willie
Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation
firm of Powers Taylor, LLP announce an investigation into potential violations
of federal securities laws by certain officers and directors of Harvest
Natural Resources, Inc. (“Harvest Natural” or “Company”) (NYSE: HNR) during
the period of May 7, 2010 to March 18, 2013 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit
or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC,
(214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary
Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
firstname.lastname@example.org. There is no cost or fee to you.
In a recently filed federal class action complaint, Harvest Natural and
certain of its officers and directors were charged with violating certain
provisions of the Securities Exchange Act of 1934. The complaint alleges that
defendants misrepresented or failed to disclose that, among other things: (a)
the Company incorrectly capitalized certain lease maintenance costs and
certain internal selling, general and administrative costs; (b) the Company
improperly presented certain cash flow items and caused certain long-lived
assets to be impaired; (c) the Company was unable to sell its interests in
Petrodelta S.A. to PT Pertamina (Persero); (d) the Company lacked adequate
internal and financial controls; and (e) as a result, the Company’s statements
were materially false and misleading at all relevant times. According to the
complaint, when the true facts came to light, the share price dropped
“Recent revelations about alleged improper business practices and procedures
regarding key aspects of Harvest Natural business and other misleading
financial statements have prompted the firms to investigate possible breaches
of fiduciary duties and other violations of state law by Harvest Natural
officers and directors. Based on our investigation, we are prepared to pursue
litigation to preserve the company and the value of Harvest Natural stock for
all shareholders,” said shareholder rights attorney Patrick Powers.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial
transaction, and public advocacy firm with more than 20 years of experience in
complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of
complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits, and
security class actions.
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-706-9314
Powers Taylor, LLP
Zachary Groover, 877-728-9607
Press spacebar to pause and continue. Press esc to stop.