Newman Ferrara LLP announces that a class action lawsuit has been filed on behalf of shareholders of Harvest Natural Resources, Inc. (“Harvest Natural”) (NYSE: HNR) against Harvest Natural and certain of its executive officers, alleging violations of federal securities laws.
Investors who purchased Harvest Natural securities between May 7, 2010 and March 18, 2003 (the “Class Period”) may apply with the Court to be appointed Lead Plaintiff no later than May 21, 2013. The Lead Plaintiff will direct the litigation on behalf of the other class members. The Court will select the Lead Plaintiff from among applicants claiming the largest investment losses.
The Complaint alleges that the defendants issued materially false and misleading statements and/or failed to disclose that Harvest Natural: (1) incorrectly capitalized lease maintenance costs and internal selling, general and administrative costs; (2) improperly reported cash flow items and caused long-lived assets to be impaired; (3) was unable to sell its interests in Petrodelta S.A. to PT Pertamina (Persero); and (4) lacked adequate internal and financial controls.
On March 19, 2013, Harvest Natural disclosed that its financial statements contained errors and that a material weakness existed in its controls over the accuracy of its accounting, causing Harvest Natural to “revise and possibly restate its financial statements for certain periods in 2012, 2011 and 2012.” On this news, Harvest Natural stock dropped 32% down to $3.70 per share on March 19, 2013.Investors who purchased Harvest Natural stock during the Class Period may contact Newman Ferrara attorney Roy Shimon at firstname.lastname@example.org or (212) 619-5400 to discuss this lawsuit and the Lead Plaintiff process. Whistleblowers: Persons with knowledge that may aid in the investigation of this matter are encouraged to contact the firm. Under the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected from employer retaliation and may be entitled to as much as 30 percent of the recovery if the information provided leads to a successful action. Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.