Morgan & Morgan Announces a Securities Fraud Class Action Lawsuit Has Been
Filed Against Magnum Hunter Resources Corporation -- MHR
NEW YORK, April 25, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a
class action lawsuit has been filed in the United States District Court for
the Southern District of New York on behalf of purchasers of securities of
Magnum Hunter Resources Corporation ("Magnum Hunter" or the "Company")
(NYSE:MHR) (CUSIP: 55973B102) for the class period of between May 3, 2012, and
April 16, 2013 ("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.
If you purchased Magnum Hunter between May 3, 2012 and April 16, 2013, you
may, no later than June 24, 2013, request that the Court appoint you lead
plaintiff of the proposed class. A lead plaintiff is a representative party
that acts on behalf of other class members in directing the litigation. Any
member of the purported class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and remain an
absent class member.
If you purchased Magnum Hunter and want more information about the Magnum
Hunter securities fraud class action, please contact George Pressly, Esq. at1
(800) 631-6234or email George at AskGeorge@morgansecuritieslaw.com.
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
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
About Morgan & Morgan
Morgan & Morgan is one of the nation's largest 200 law firms. In addition to
securities fraud, the firm also practices in the areas of antitrust, personal
injury, consumer protection, overtime, and product liability.All of the
Firm's legal endeavors are rooted in its core mission: provide investor and
consumer protection and always fight "for the people."
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT: Morgan & Morgan
Peter Safirstein, Esq.
28 West 44th Street
New York, NY 10036
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