Girard Gibbs LLP is investigating potential claims on behalf of purchasers of Hyperdynamics Corporation (“Hyperdynamics” or the “Company”) (NYSE: HDY) common stock. The investigation concerns whether Hyperdynamics and certain of its officers and/or directors may have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 in connection with the Company’s operations and reported business results. On September 30, 2013, Hyperdynamics revealed that in September 2013 it received a subpoena from the Department of Justice (DOJ) requesting that the Company produce documents relating to its business in Guinea. According to the Company, “[i]n 2006, a Production Sharing Contract was signed by the company and the government of Guinea granting rights to an oil and gas concession offshore Guinea. The Company understands that the DOJ is investigating whether Hyperdynamics’ activities in obtaining and retaining the concession rights and its relationships with charitable organizations potentially violate the U.S. Foreign Corrupt Practices Act or U.S. anti-money laundering statutes.” On this news, shares of Hyperdynamics fell $0.97 per share or more than 20% on intraday trading to a price of $3.45 on October 1, 2013. As noted by Girard Gibbs Partner Jonathan K. Levine, “federal prosecutors are increasingly combining charges under the Foreign Corrupt Practices Act of 1977 and the U.S. anti-money laundering laws to reach more defendants and achieve greater success in their criminal prosecutions.” If you would like more information about this investigation, please contact Girard Gibbs Partner John A. Kehoe at (415) 544-6283, or click here to visit our website and submit a confidential request to speak with one of our securities litigation attorneys. Girard Gibbs LLP is one of the nation’s leading firms representing individual and institutional investors in securities fraud class actions and litigation to correct abusive corporate governance practices, breaches of fiduciary duty and proxy violations. For more information, please access the firm’s web site at www.GirardGibbs.com.
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