NEW YORK, April 3, 2013 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Southern District of Texas on behalf of a class (the "Class") of purchasers of Harvest Natural Resources, Inc. ("Harvest" or the "Company") (NYSE: HNR) securities between May 7, 2010 and March 18, 2013 (the "Class Period").
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Harvest Natural is an independent energy company engaged in the acquisition, development, production and disposition of oil and natural gas properties. The Company is focused on the exploration of oil and gas fields in known hydrocarbon basins worldwide.
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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. On this news, Harvest stock fell $3.71 per share or 40.5%, to close at $5.45 per share on February 20, 2013.
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, Harvest stock plummeted $1.79 per share or more than 32%, to close at $3.70 per share on March 19, 2013.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Harvest stock during the Class Period. If you invested in Harvest stock as described above during the Class Period, and either lost money on the transaction or still hold the stock, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than May 21, 2013.
A "lead plaintiff" is a representative party that acts 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. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Harvest shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal's "Plaintiffs' Hot List" in each of the last ten years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of Texas.
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Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
SOURCE Bernstein Liebhard LLP