May 25, 2012
/PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Houston American Energy Corp. ("
" or the "Company") (NYSE Amex: HUSA).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing 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) 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.
March 1, 2012
announced delays in drilling the Company's Tamandua #1 well and claimed further analysis of the well's C7 and C9 formations would be announced as soon as they were available. The Company's share price collapsed by roughly 36.2% as a result of the announced delay, opening on
and closing at
April 19, 2012
finally announced the termination of its efforts to test and complete the C7 and C9 formations in the Tamandua #1 well. On this disappointing news,
's share price again plummeted, falling roughly 35.2% from a close of
April 18, 2012
to a close of
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