Why Hyperdynamics (HDY) Is Down Today

NEW YORK (TheStreet) -- Hyperdynamics  (HDY) plummeted 56.84% to $2.27 on Wednesday amid a U.S. investigation into the company.

Tullow, a U.K. explorer that chiefly operates in Africa, suspended work at a project off Guinea as the U.S. Department of Justice and the Securities and Exchange Commission investigate Hyperdynamics, its partner at the site, with regard to the acquisition and retention of exploration rights in Guinea.

Tullow had planned to start drilling a deepwater well at the site by April 1, but the company has suspended that plan thanks to the U.S. probe. The company "cannot proceed with its activities on the license until these issues are resolved," spokesman George Cazenove told Bloomberg.

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