Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From
Investment in Magnum Hunter Resources Corporation to Inquire About the Lead
Plaintiff Position in Securities Fraud Class Action Lawsuit Before the June
24, 2013 Lead Plaintiff Deadline -- MHR
STEVENSON, Md., April 24, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A
Professional Corporation announces that a class action lawsuit has been
commenced in the United States District Court for the Southern District of New
York on behalf of purchasers of Magnum Hunter Resources Corporation ("Magnum
Hunter" or the "Company") (NYSE:MHR) common stock during the period between
May 3, 2012 and April 16, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Magnum Hunter Resources
Corporation common stock purchased on or after May 3, 2012, and held through
April 16, 2013, you may obtain additional information about this lawsuit and
your ability to become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at firstname.lastname@example.org, by calling
410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley
Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined
experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action.Members of the Class will
be represented by the lead plaintiff and counsel chosen by the lead
plaintiff.If you wish to choose counsel to represent you and the Class, you
must apply to be appointed lead plaintiff no later than June 24, 2013 and be
selected by the Court.The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a settlement
and how much of a settlement to accept for the Class in the action. The lead
plaintiff will be selected from among applicants claiming the largest loss
from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange
Act of 1934 by virtue of the defendants' failure to disclose during the Class
Period that the Company had material weaknesses in its valuation of its oil
and gas properties, its calculation of oil and gas reserves, its position with
respect to certain tax matters, its accounting of the acquisition of NGAS
Resources, Inc., and its compliance with certain debt covenants.According to
the Complaint, following Magnum Hunter's April 16, 2013 disclosure that the
Company 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, the value of Magnum Hunter shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your choice.You
need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
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