Law Offices of Howard G. Smith Announces Investigation On Behalf of
Investors of Magnum Hunter Resources Corporation
BENSALEM, Pa. -- April 18, 2013
Law Offices of Howard G. Smith announces that it is investigating potential
claims against Magnum Hunter Resources Corporation (“Magnum Hunter” or the
“Company”) (NYSE:MHR) concerning possible violations of federal securities
laws. The investigation focuses on allegations that certain statements issued
by Magnum Hunter misrepresented the Company’s financial condition, performance
Magnum Hunter engages in the acquisition, exploration, exploitation,
development and production of crude oil, natural gas and natural gas liquids.
The investigation is related to the Company’s April 16, 2013 disclosure that
Magnum Hunter had dismissed its auditor, PricewaterhouseCoopers LLP (“PwC”) at
the direction of the Audit Committee of the Company's Board of Directors,
after PwC advised the Company of material weaknesses in the Company’s internal
accounting controls. PwC identified certain issues that may have a material
impact on the fairness or reliability of Magnum Hunter’s consolidated
financial statements, including: (1) valuation of the Company’s oil and gas
properties; (2) calculation of the Company’s oil and gas reserves; (3) the
Company’s position with respect to certain tax matters; (4) the Company’s
accounting of its acquisition of NGAS Resources, Inc.; and (5) the Company’s
compliance with certain debt covenants.
If you purchased Magnum Hunter shares before April 17, 2013, if you have
information or would like to learn more about these claims, or if you wish to
discuss these matters or have any questions concerning this announcement or
your rights or interests with respect to these matters, please contact Howard
G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite
112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at
(888) 638-4847, or by email to firstname.lastname@example.org, or visit our
website at http://www.howardsmithlaw.com.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
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