SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action
Against Hyperdynamics Corporation and Certain Officers - HDY
NEW YORK, April 11, 2014
NEW YORK, April 11, 2014 /PRNewswire/ --Pomerantz LLP has filed a class
action lawsuit against Hyperdynamics Corporation("Hyperdynamics" or the
"Company") (NYSE: HDY) and certain of its officers. The class action, filed
in United States District Court, Southern District of Texas, and docketed
under 4:14-cv-00641, is on behalf of a class consisting of all persons or
entities who purchased or otherwise acquired Hyperdynamics securities between
November 8, 2012 and March 11, 2014, both dates inclusive (the "Class
Period"). This class action seeks to recover damages against Defendants for
alleged violations of the federal securities laws pursuant to Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
If you are a shareholder who purchased Hyperdynamics securities during the
Class Period, you have until May 12, 2014 to ask the Court to appoint you as
Lead Plaintiff for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby
at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Hyperdynamics' operations include two wholly subsidiaries, SCS Corporation and
HYD Resources, which are focused on oil and gas exploration.
The Complaint alleges that throughout the Class Period, Defendants made false
and/or misleading statements, as well as failed to disclose material adverse
facts about the Company's business, operations, and prospects. Specifically,
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 times.
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
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP
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