Newman Ferrara LLP ( www.nfllp.com) announced today that a securities class action was filed on behalf of investors in Hyperdynamics Corporation (“Hyperdynamics” or the “Company”) (NYSE: HDY) in the U.S. District Court for the Southern District of Texas. Investors who purchased shares of the Company’s common stock between Feb. 17, 2011, and Feb. 15, 2012 (the “Class Period”), and lost more than $100,000, are encouraged to contact Newman Ferrara partner Jeffrey M. Norton at (212) 619-5400 or email@example.com any questions concerning this notice. If you wish to serve as lead plaintiff, you must apply to be appointed by June 1, 2012. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. Lead plaintiffs are selected from among applicants claiming the largest loss from investment in the Company during the Class Period. According to the Complaint, Hyperdynamics issued false and misleading statements about the Company’s financial status. Hyperdynamics failed to disclose that: (1) the Company was experiencing costly delays with the drilling of its Sabu-1 well; (2) that the Company’s could not drill the Baraka-1 well because of delays; (3) the Company failed to disclose that it had insufficient funds to drill both wells; and (4) the Company had no reasonable basis for releasing positive financial statements as a result of the foregoing. On this news, the Company’s stock declined 23% on January 30, 2012, and 29% on February 15, 2012. 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 with an emphasis on securities, ERISA, consumer fraud, products liability, civil rights and real estate. For more information, please visit the firm website at www.nfllp.com.
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.