NEW YORK, March 13, 2014 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Hyperdynamics Corporation ("Hyperdynamics" or the "Company") (NYSE: HDY). Such investors are advised to contact Peretz Bronstein or his investor Relation's coordinator Eitan Kimelman at info@bgandg.com or 212-697-6484.
The investigation relates to whether or not Hyperdynamics and certain of its executives complied with federal securities laws when making statements to investors. On September 30, 2013, shares of Hyperdynamics fell $0.66 cents or approximately 15% to close at $3.76 after the company announced 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. In 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. According to the Company, 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.
Then on March 12, 2014, Hyperdynamics announced that Tullow stated that the decisions by the DOJ and SEC to open investigations constituted a "force majeure" under its agreement with Hyperdynamics, thereby allowing Tullow to suspend plans to start drilling a deepwater well at the Concession on April 1, 2014. According to Tullow, it "cannot proceed with its activities on the license until these issues are resolved."
On this news, shares of the Hyperdynamics fell $3.07 or 58.37% to close at $2.19.
If you are aware of any facts relating to this investigation, or purchased shares of Hyperdynamics, you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein 212-697-6484
info@bgandg.com
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