Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Harvest Natural Resources Inc.
Law Offices of Howard G. Smith announces that it is investigating
potential claims against Harvest Natural Resources Inc. (“Harvest” or
the “Company”) (NYSE:HNR) concerning possible violations of federal
securities laws. The investigation focuses on allegations that certain
statements issued by the Company between May 7, 2010 and March 18, 2013,
regarding Harvest’s business, operations and prospects were false and
misleading.
Harvest, an independent energy company, engages in the acquisition,
exploration, development, production, and disposition of oil and natural
gas properties. Specifically, the investigation relates to Harvest’s
March 18, 2013 announcement that it will revise and possibly restate
certain of its 2010, 2011 and 2012 financial statements. According to
the Company, Harvest concluded that there were certain errors 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 Harvest’s controls over the accuracy and
presentation of its accounting for certain long-lived assets. On this
news, shares of Harvest declined more than 30%, on heavy trading volume.
If you purchased Harvest securities between May 7, 2010 and March 18,
2013, if you have information or would like to learn more about these
claims, or if you wish to discuss these matters or have any questions
concerning this announcement or your rights or interests with respect to
these matters, please contact Howard G. Smith, Esquire, of Law Offices
of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at 215-638-4847, Toll-Free at 888-638-4847, or by
email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
