Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Magnum Hunter Resources Corporation
Law Offices of Howard G.
Smith announces that investors of Magnum Hunter Resources
Corporation (“Magnum Hunter” or the “Company”) (NYSE:MHR) have until
June 24, 2013 to move the Court to serve as lead plaintiff in the
securities fraud class action lawsuit filed in the United States
District Court for the Southern District of New York on behalf of a
class (the “Class”) comprising all purchasers of Magnum Hunter
securities between January 17, 2012 and April 22, 2013, inclusive (the
“Class Period”). The Complaint alleges that defendants issued materially
false and misleading statements or failed to disclose material adverse
facts concerning the Company’s financial performance and prospects.
On April 16, 2013, Magnum Hunter disclosed that at the direction of the
Audit Committee of the Company’s Board of Directors Magnum Hunter had
dismissed its auditor, PricewaterhouseCoopers LLP (“PwC”), after PwC
advised the Company of material weaknesses in the Company’s internal
accounting controls that may have a material impact on the fairness or
reliability of Magnum Hunter’s consolidated financial statements. The
Complaint alleges that during the Class Period the defendants issued
false and/or misleading statements related to: (1) valuation of the
Company’s oil and gas properties; (2) calculation of the Company’s oil
and gas reserves; (3) the Company’s position with respect to certain tax
matters; (4) the Company’s accounting of its acquisition of NGAS
Resources, Inc.; and (5) the Company’s compliance with certain debt
covenants.
If you are a member of the Class described above, you have certain
rights and have until June 24, 2013 to move for lead plaintiff status.
To be a member of the class you need not take any action at this time,
or may retain counsel of your choice. If you purchased shares prior to
the Class Period or wish to learn more concerning 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.
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