Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of Houston American Energy Corp. (“Houston American” or “HUSA”) (NYSE: HUSA) related to potential securities violations between March 29, 2010 and April 18, 2012 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
In a recently filed federal class action complaint, Houston American and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants’ made false and/or misleading statements and/or failed to disclose that (1) the continued investment in testing and completing the C7 and C9 formations in Tamandua #1 well was unproductive and not commercially viable; (2) Houston American lacked adequate internal and financial controls; and (3) as a result of the foregoing, Houston American’s statements were materially false and misleading at all relevant times. The complaint alleges that as a result of these actions, Houston American shares declined more than 35.5% on April 19, 2012.
According to shareholder rights attorney Willie Briscoe, “The recent revelations about Houston American’s possible misrepresentations regarding its business and financial status, including that two of its formations were not commercially viable, are particularly troubling. This has led our firms to investigate possible breaches of fiduciary duties, and other violations of state law by Houston American’s officers and directors. Based on our investigation, we are prepared to institute litigation to preserve the company and the value of Houston American stock for all shareholders.”