Glancy Binkow & Goldberg LLP Announces Filing of a Class Action Lawsuit Against Magnum Hunter Resources Corporation Business Wire LOS ANGELES -- April 23, 2013 Glancy Binkow & Goldberg LLP, representing investors of Magnum Hunter Resources Corporation (“Magnum Hunter” or the “Company”) (NYSE:MHR), has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all purchasers of Magnum Hunter securities between May 3, 2012, and April 16, 2013, inclusive (the “Class Period”). The Complaint alleges that throughout the Class Period the Company and certain of its executive officers issued false and/or misleading statements or failed to disclose material adverse facts concerning the Company’s operations and financial performance and prospects. A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150, Toll-Free at (888) 773-9224, or by email at firstname.lastname@example.org. Magnum Hunter 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, Magnum Hunter disclosed that at the direction of the Audit Committee of the Company's Board of Directors Magnum Hunter 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 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. As a result of this news, Magnum Hunter shares declined nearly 15%, or $0.49 per share, to close at $2.83 per share on April 17, 2013 on unusually heavy trading volume. Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions and substantial expertise in actions involving corporate fraud. No class has yet been certified in this action. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you purchased Magnum Hunter securities during the Class Period you have certain rights, and have 60 days from the date of this Notice to move for lead plaintiff status. If you wish to learn more about this action, or have any questions concerning 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 email@example.com, 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 firstname.lastname@example.org www.glancylaw.com
Glancy Binkow & Goldberg LLP Announces Filing of a Class Action Lawsuit Against Magnum Hunter Resources Corporation
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