Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Harvest Natural Resources, Inc.

Rigrodsky & Long, P.A.:
  • Do you, or did you, own shares of Harvest Natural Resources, Inc. (NYSE: HNR)?
  • Did you purchase your shares before May 7, 2010, or between May 7, 2010 and March 18, 2013, inclusive?
  • Did you lose money in your investment in Harvest Natural Resources, Inc.?
  • Do you want to discuss your rights?

Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of Texas on behalf of all persons or entities that purchased the common stock of Harvest Natural Resources, Inc. (“Harvest Natural” or the “Company”) (NYSE: HNR) between May 7, 2010 and March 18, 2013, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased shares of Harvest Natural during the Class Period, or purchased shares prior to the Class Period and still hold Harvest Natural, 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 Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to info@rigrodskylong.com, or at: http://www.rigrodskylong.com/investigations/harvest-natural-resources-inc-hnr.

Harvest Natural is a petroleum exploration and production company that focuses on acquiring exploration, development and producing properties in geological basins with proven active hydrocarbon systems. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the Company incorrectly capitalized certain lease maintenance costs and certain internal selling, general and administrative costs; (2) the Company improperly presented certain cash flow items and cause certain long-lived assets to be impaired; (3) the Company was unable to sell its interests in Petrodelta S.A. to PT Pertamina (Persero); (4) the Company lacked adequate internal and financial controls; and (5) as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.

According to the Complaint, on February 20, 2013, the Company disclosed the termination of the Share Purchase Agreement between PT Pertamina (Persero) and HNR Energia B.V., a wholly-owned subsidiary of Harvest Natural. On this news, shares in Harvest Natural dropped over 40%, closing at $5.45 per share on February 20, 2013, from a close of $9.16 per share on February 19, 2013, on volume of over 7 million shares.

Then, on March 19, 2013, the Company disclosed that there were certain errors in its financial statements related to, among others, the capitalization of certain lease maintenance costs and certain internal selling, general and administrative costs. In addition, the Company disclosed that it had determined that a material weakness existed in its controls over the accuracy and presentation of its accounting for certain long-lived assets. As a result, the Company would be required to “revise and possibly restate its financial statements for certain periods in 2010, 2011 and 2012.” On this news, shares in Harvest Natural dropped over 32%, closing at $3.70 per share on March 19, 2013, from a close of $5.49 per share on March 18, 2013, on volume of over 9 million shares.

If you wish to serve as lead plaintiff, you must move the Court no later than May 21, 2013. 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.

Copyright Business Wire 2010

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