Bernstein Liebhard LLP Announces That Approximately One Month Remains To File
A Motion For Lead Plaintiff In A Class Action Lawsuit Concerning Harvest
Natural Resources, Inc.
NEW YORK, April 25, 2013
NEW YORK, April 25, 2013 /PRNewswire/ -- Bernstein Liebhard LLP today
announced that approximately one month remains – until May 21, 2013 – to file
a motion for lead plaintiff in a securities class action lawsuit that was
recently commenced in the United States District Court for the Southern
District of Texas on behalf of a class (the "Class") of purchasers of Harvest
Natural Resources, Inc. ("Harvest" or the "Company") (NYSE: HNR) securities
between May 7, 2010 and March 19, 2013 (the "Class Period").
(Logo: http://photos.prnewswire.com/prnh/20120202/MM47134LOGO )
Harvest Natural is an independent energy company engaged in the acquisition,
development, production and disposition of oil and natural gas properties. The
Company is focused on the exploration of oil and gas fields in known
hydrocarbon basins worldwide.
The Complaint alleges that throughout the Class Period, Defendants issued a
series of materially false and misleading statements regarding the Company's
revenues and operations. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (1) the Company incorrectly
capitalized certain lease maintenance costs and certain internal selling,
general and administrative costs; (2) the Company improperly presented certain
cash flow items and caused certain long-lived assets to be impaired; (3) the
Company was unable to sell its interests in Petrodelta S.A. to PT Pertamina
(Persero); (4) the Company lacked adequate internal and financial controls;
and (5) as a result of the foregoing, the Company's statements were materially
false and misleading at all relevant times. As a result of Defendants'
wrongful acts and omissions, and the precipitous decline in the market value
of the Company's securities, Plaintiff and other Class members have suffered
significant losses and damages.
On February 20, 2013, the Company disclosed the termination of the Share
Purchase Agreement between PT Pertamina (Persero) and HNR Energia B.V., a
wholly-owned subsidiary of Harvest. On this news, Harvest stock fell $3.71 per
share or 40.5%, to close at $5.45 per share on February 20, 2013.
On March 19, 2013, the Company disclosed that there were certain errors in its
financial statements related to, among others, the capitalization of certain
lease maintenance costs and certain internal selling, general and
administrative costs. In addition, the Company disclosed that it had
determined that a material weakness existed in its controls over the accuracy
and presentation of its accounting for certain long-lived assets. As a result,
the Company would be required to "revise and possibly restate its financial
statements for certain periods in 2010, 2011 and 2012." On this news, Harvest
stock plummeted $1.79 per share or more than 32%, to close at $3.70 per share
on March 19, 2013.
Plaintiffs seek to recover damages on behalf of all Class members who invested
in Harvest stock during the Class Period. If you invested in Harvest 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 May 21, 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 Harvest shareholder
and/or have information relating to the matter, please contact Joseph R.
Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
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 Texas.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
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York, New York 10016, (212) 779-1414. The lawyer responsible for this
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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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