Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed
Against Hyperdynamics Corporation -- HDY
NEW YORK, March 14, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston
announces that a class action lawsuit has been filed in the United States
District Court, Southern District of Texas, on behalf of all persons who
purchased or otherwise acquired the securities of Hyperdynamics Corporation
("Hyperdynamics" or the "Company") (NYSE:HDY) during the period between
November 8, 2012 and March 11, 2014 (the "Class Period").
The Complaint alleges that Defendants made false and/or misleading statements
and/or failed to disclose that: (1) the Company obtained and retained oil and
gas concession rights in violation of the U.S. Foreign Corrupt Practices Act
and/or U.S. anti-money laundering statutes; (2) the Company lacked adequate
internal and financial controls; and (3) as a result of the foregoing, the
Company's statements were materially false and misleading at all relevant
On September 30, 2013, the Company disclosed "that in September 2013 it
received a subpoena from the United States Department of Justice (DOJ)
requesting that the Company produce documents relating to its business in
Guinea" for potentially violating the U.S. Foreign Corrupt Practices Act or
U.S. anti-money laundering statutes. The focus of the investigation is
"whether Hyperdynamics' activities in obtaining and retaining [its] concession
rights and its relationships with charitable organizations violate the U.S.
Foreign Corrupt Practices Act or U.S. anti-money laundering statutes." On this
news, Hyperdynamics securities declined $0.66 per share, or nearly 15%, to
close at $3.76 per share on October 1, 2013.
On March 12, 2014, the Company announced in a press release, that its partner
in oil exploration in offshore Guinea, Tullow Oil Plc, halted activities in
Guinea due to the U.S. Department of Justice and U.S. Securities and Exchange
Commission probes into Hyperdynamics' alleged fraud and corruption in
obtaining drilling licenses in Guinea.Tullow Oil asserted that these
investigations constituted a Force Majeure event under its agreements with its
partners, including Hyperdynamics, relating to exploration rights in offshore
If you wish to serve as lead plaintiff, you must move the Court no later than
May 12, 2014.A lead plaintiff is a representative party acting on behalf of
other class members in directing the litigation.If you wish to join the
litigation, or to discuss your rights or interests regarding this class
action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of
Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at
email@example.com or firstname.lastname@example.org.
Attorney Advertising -- Prior results do not guarantee a similar outcome with
respect to any future matter. Please visit our website at
http://www.gme-law.com for more information about the firm.
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