Bernstein Liebhard LLP Announces That A Class Action Has Been Filed Against
Magnum Hunter Resources Corporation
NEW YORK, April 25, 2013
NEW YORK, April 25, 2013 /PRNewswire/ --Bernstein Liebhard LLP today
announced that a class action has been commenced in the United States District
Court for the Southern District of New York on behalf of a class (the "Class")
of purchasers of Magnum Hunter Resources ("Magnum" or the "Company") (NYSE:
MHR) securities between May 3, 2012, and April 16, 2013 (the "Class Period").
(Logo: http://photos.prnewswire.com/prnh/20120202/MM47134LOGO )
Magnum 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 disclosed
that at the direction of the Audit Committee of the Company's Board of
Directors, Magnum 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'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 shares declined nearly 15%, or $0.49 per
share, to close at $2.83 per share on April 17, 2013 on unusually heavy
Plaintiffs seek to recover damages on behalf of all Class members who invested
in Magnum stock during the Class Period. If you invested in Magnum stock as
described above during the Class Period, and either lost money on the
transaction or still hold the stock, you may wish to join in this action to
serve as lead plaintiff. In order to do so, you must meet certain
requirements set forth in the applicable law and file appropriate papers no
later than June 24, 2013.
A "lead plaintiff" is a representative party that acts on behalf of other
class members in directing the litigation. In order to be appointed lead
plaintiff, the court must determine that the class member's claim is typical
of the claims of other class members, and that the class member will
adequately represent the class. Under certain circumstances, one or more
class members may together serve as lead plaintiff. Your ability to share in
any recovery is not, however, affected by the decision whether or not to serve
as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel
of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Magnum shareholder and/or
have information relating to the matter, please contact Joseph R. Seidman, Jr.
at (877) 779-1414 or email@example.com.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and
shareholder rights cases and recovered over $3 billion for its clients. It
has been named to The National Law Journal's "Plaintiffs' Hot List" in each of
the last ten years.
You can obtain a copy of the complaint from the clerk of the court for the
United States District Court for the Southern District of New York.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
ATTORNEY ADVERTISING. © 2013 Bernstein Liebhard LLP. The law firm responsible
for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New
York, New York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of Connecticut is Michael S. Bigin. Prior results
do not guarantee or predict a similar outcome with respect to any future
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
SOURCE Bernstein Liebhard LLP
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