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.
Copyright Business Wire 2013