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Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, is investigating Harvest Natural Resources, Inc. (NYSE: HNR) (“HNR” or “The Company”), following the filing of a class-action lawsuit on behalf of investors. The firm encourages those who have suffered losses to contact Hagens Berman Partner Reed Kathrein, who is leading the Firm’s investigation, by emailing
A class-action lawsuit filed in the U.S. District Court for the Southern District of Texas identifies a class of HNR investors who purchased stock in the company between May 7, 2010, and March 18, 2013, inclusive (the “class period”). Those who suffered significant losses and wish to move to be a lead plaintiff may also contact the firm by calling (510) 725-3000.
Investors who wish to serve as lead plaintiff in the case must move the court no later than May 21, 2013. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
On March 19, 2013, HNR disclosed a number of errors in its financial statements. The company noted that due to material weaknesses in its internal controls, it would be required to revise or restate certain financial statements during 2010, 2011 and 2012.
Following the disclosure, the company’s stock price fell more than 30 percent. The stock continues to trade far below class period highs.
The class-action lawsuit alleges that HNR failed to disclose material information to investors, including incorrect capitalization of certain costs and misrepresentation of certain cash flow items, among other issues.
Hagens Berman’s investigation centers around what HNR and its executives knew prior to the March 19 announcement.
“What is most concerning about HNR’s actions is that they sold a substantial amount of stock three years ago,” said Mr. Kathrein. “We understand that the company is preparing to revise or even restate financial statements that far back. That means the company may have been intentionally playing with the books while the insiders were dumping shares, and kept it hidden until now.”