Glancy Binkow & Goldberg LLP Announces Filing of a Class Action Lawsuit Against Magnum Hunter Resources Corporation

  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 shareholders@glancylaw.com.

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
shareholders@glancylaw.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
shareholders@glancylaw.com
www.glancylaw.com
 
Press spacebar to pause and continue. Press esc to stop.