The Law Offices of Todd M. Garber announces that shareholders of Magnum Hunter Resources Corporation (“Magnum Hunter” or the “Company”) (NYSE:MHR;MHR-PD;MHR-PE;MHR-PC) have until June 24, 2013 to move for lead plaintiff status in the shareholder lawsuit filed in the United States District Court for the Southern District of New York. The lawsuit was filed on behalf of a class (the “Class”) comprising all purchasers of Magnum Hunter securities between January 17, 2012, and April 16, 2013, inclusive (the “Class Period”).
On April 16, 2013, Magnum Hunter disclosed that at the direction of the Audit Committee of the Company's Board of Directors Magnum Hunter had dismissed its auditor, PricewaterhouseCoopers LLP (“PwC”), after PwC advised the Company of material weaknesses in the Company’s internal accounting controls. PwC identified certain issues that may have a material impact on the fairness or reliability of Magnum Hunter’s consolidated financial statements, including: (1) valuation of the Company’s oil and gas properties; (2) calculation of the Company’s oil and gas reserves; (3) the Company’s position with respect to certain tax matters; (4) the Company’s accounting of its acquisition of NGAS Resources, Inc.; and (5) the Company’s compliance with certain debt covenants.
If you are a member of the above-described Class, you may move the Court no later than June 24, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time. You may retain counsel of your choice or take no action and remain an absent Class member.
If you purchased Magnum Hunter shares prior to the Class Period, or wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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