On November 9, 2011, the Company announced disappointing first quarter 2012 financial results and reported it had increased estimates for its two exploration wells from $80 million to $135 million. In addition, the Company announced that drilling results for its Sabu-1 well would likely be delayed until late December or early January and, therefore, its plans for drilling its Baraka-1 well may be delayed. On this partial disclosure, the price of the Company’s stock declined $1.33, or 25%, to a close of $4.06 per share on heavy trading volume. On December 14, 2011, the Company provided an operational update on the Sabu-1 well, stating that due to mechanical and operational issues it had only drilled to 1.440 meters compared to 1,400 the previous month. On this disclosure, the price of the Company’s stock declined $0.52 per share, or 19%, to close at $2.16 per share on December 14, 2011, on unusually heavy trading volume. On January 30, 2012, Hyperdynamics announced that due to higher than anticipated drilling costs at the Sabu-1 well, the Company entered into an agreement with an institutional investor to raise $30 million through an offering of the Company’s common stock. On this news, the price of the Company’s stock declined $0.77 per share, or 23%, to a close of $2.60 per share on January 30, 2012, on very heavy volume. Finally, on February 15, 2012, the Company announced disappointing results from the Sabu-1 exploration well, reporting only non-commercial quantities of oil present. On this news, the price of the Company’s common stock declined $0.58 per share, or 29%, to close at $1.44 per share on heavy trading volume.If you wish to serve as lead plaintiff, you must move the Court no later than June 1, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.Attorney advertising. Prior results do not guarantee a similar outcome.