Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas, Houston Division on behalf of investors who purchased Hyperdynamics Corporation (“Hyperdynamics” or the “Company”) (NYSE: HDY) stock between February 17, 2011 and February 15, 2012 (the “Class Period”).
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The complaint alleges that during the Class Period defendants issued materially false and misleading statements regarding the Company’s business and financial results. In particular, the complaint alleges that defendants concealed the fact that due to numerous cost overruns and logistical delays, as well as mechanical and operational issues in connection with the spudding of its Sabu-1 well, the Company could not begin drilling on the Baraka-1 well. Furthermore, despite its public statements to the contrary, Hyperdynamics did not possess adequate funds to drill both wells. As a result of the aforementioned, Hyperdynamics lacked a reasonable basis for its positive statements regarding the Company’s operations and business prospects.
On January 30, 2012, Hyperdynamics announced that due to higher than anticipated drilling costs at the Sabu-1 well, the Company announced plans to raise $30 million through an offering of the Company’s common stock. On this news, the price of the Company’s stock declined $0.77 per share, or 23%, to a close of $2.60 per share on January 30, 2012. Then, on February 15, 2012, the Company announced disappointing results from the Sabu-1 exploration well, reporting only non-commercial quantities of oil present. In reaction, the price of the Company’s stock dropped $0.58 per share, or 29%, to close at $1.44 per share.
If you suffered a loss in Hyperdynamics, you have until June 1, 2012
to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.