Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of Texas, Houston Division on behalf of all persons or entities that purchased the securities of Hyperdynamics Corporation (“Hyperdynamics” or the “Company”) (NYSE: HDY) between February 17, 2011 and February 15, 2012, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and its President and Chief Operating Officer (the “Complaint”). If you purchased shares of Hyperdynamics during the Class Period, or purchased shares prior to the Class Period and still hold Hyperdynamics stock, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Scott J. Farrell, Esquire of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/hyperdynamics-corporation-hdy. Hyperdynamics, a Delaware corporation headquartered in Houston, Texas, is an oil and gas exploration company operating offshore Guinea in West Africa. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding its business and financial results that artificially inflated the price of the Company’s common stock. Specifically, the Complaint alleges that defendants concealed that numerous cost overruns and logistical delays caused by limited port facilities in Guinea, as well as mechanical and operational issues in connection with the spudding of its Sabu-1 well, the Company could not begin drilling on the Baraka-1 well; despite its public statements, Hyperdynamics did not have adequate funds to drill both the Sabu-1 and the Baraka-1 wells; due to these problems, and defendants lacked a reasonable basis for their positive statements concerning the Company’s operations or the future value of its oil and gas concessions.
After enjoying triple-digit percentage gains over Monday, Hyperdynamics (HDY) stock is slipping lower. The oil and gas explorer exploded earlier in the week on news its drilling partner Tullow Oil had lifted a force majeure on a joint project in Guinea.