SHAREHOLDER ALERT: Pomerantz Law Reminds Shareholders With Losses on Their
Investment in Harvest Natural Resources, Inc. of Class Action Lawsuit and
Upcoming Deadline -- HNR
NEW YORK, April 19, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford
Dahlstrom & Gross LLP has filed a class action lawsuit against Harvest Natural
Resources, Inc. ("Harvest Natural" or the "Company") (NYSE:HNR) and certain of
its officers. The class action filed in United States District Court, Southern
District of Texas, and docketed under 4:13-CV-00801, is on behalf of a class
consisting of all persons or entities who purchased or otherwise acquired
securities of Harvest Natural between May 7, 2010 and March 18, 2013, both
dates inclusive (the "Class Period"). This class action seeks to recover
damages against the Company and certain of its officers and directors as a
result of alleged violations of the federal securities laws pursuant to
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5
If you are a shareholder who purchased Harvest Natural securities during the
Class Period, you have until May 21, 2013 to ask the Court to appoint you as
Lead Plaintiff for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby
at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Harvest Natural is an independent energy company engaged in the acquisition,
development, production and disposition of oil and natural gas properties.The
Company is focused on the exploration of oil and gas fields in known
hydrocarbon basins worldwide.
The Complaint alleges that throughout the Class Period, Defendants issued a
series of materially false and misleading statements regarding the Company's
revenues and operations.Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (1) the Company incorrectly
capitalized certain lease maintenance costs and certain internal selling,
general and administrative costs; (2) the Company improperly presented certain
cash flow items and caused certain long-lived assets to be impaired;(3) the
Company was unable to sell its interests in Petrodelta S.A. to PT Pertamina
(Persero); (4) the Company lacked adequate internal and financial controls;
and (5) as a result of the foregoing, the Company's statements were materially
false and misleading at all relevant times.As a result of Defendants'
wrongful acts and omissions, and the precipitous decline in the market value
of the Company's securities, Plaintiff and other Class members have suffered
significant losses and damages.
On February 20, 2013, the Company disclosed the termination of the Share
Purchase Agreement between PT Pertamina (Persero) and HNR Energia B.V., a
wholly-owned subsidiary of Harvest Natural.On this news, Harvest Natural
securities declined $3.71 per share or 40.5%, to close at $5.45 per share on
February 20, 2013.
On March 19, 2013, the Company disclosed that there were certain errors in its
financial statements related to, among others, the capitalization of certain
lease maintenance costs and certain internal selling, general and
administrative costs.In addition, the Company disclosed that it had
determined that a material weakness existed in its controls over the accuracy
and presentation of its accounting for certain long-lived assets.As a result,
the Company would be required to "revise and possibly restate its financial
statements for certain periods in 2010, 2011 and 2012."On this news, Harvest
Natural securities plummeted $1.79 per share or more than 32%, to close at
$3.70 per share on March 19, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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