Glancy Binkow & Goldberg LLP Announces Investigation of Magnum Hunter Resources Corporation Business Wire LOS ANGELES -- April 19, 2013 Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of investors of Magnum Hunter Resources Corporation (“MHRC” or the “Company”) (NYSE:MHR) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by MHRC misrepresented the Company’s operations and financial performance and prospects. MHRC is an independent oil and gas company that engages in the acquisition, exploration, exploitation, development and production of crude oil, natural gas and natural gas liquids primarily in West Virginia, Ohio, Texas, Kentucky, North Dakota and Saskatchewan, Canada. On April 16, 2013, MHRC disclosed that at the direction of the Audit Committee of the Company's Board of Directors MHRC had dismissed its auditor, PricewaterhouseCoopers LLP (“PwC”), 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 MHRC’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. As a result of this news, MHRC shares declined nearly 15%, or $0.49 per share, to close at $2.83 per share on April 17, 2013 on heavy trading volume. If you purchased MHRC 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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Contact: Glancy Binkow & Goldberg LLP, Los Angeles, CA Michael Goldberg (310) 201-9150 or (888) 773-9224 email@example.com www.glancylaw.com
Glancy Binkow & Goldberg LLP Announces Investigation of Magnum Hunter Resources Corporation
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