San Diego, CA -- (SBWIRE) -- 04/25/2012 -- An investigation on behalf of investors in NYSEAMEX:HUSA shares over potential securities laws violations by certain officers and directors at Houston American Energy Corp. was announced.
Investors who purchased shares of Houston American Energy Corporation (NYSEAMEX:HUSA), have certain options and should contact the Shareholders Foundation, Inc by email at mail(at)shareholdersfoundation.com or call +1 (858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Houston American Energy Corporation (NYSEAMEX:HUSA) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements about Houston American Energy’s business, its prospects and its operations were potentially materially false and misleading at the time they were made.
On March 1, 2012, Houston American Energy Corporation disclosed an update on drilling operations and on April 19, 2012 , Houston American Energy Corp (NYSE Amex: HUSA) announced that a determination has been made to cease efforts to test and complete the C7 and C9 formations in the Tamandua #1 sidetrack well.
Houston American Energy said that despite favorable Logging-While-Drilling logs, cased-hole logs and mudlog shows, it was determined that continued investment in testing and completion is inadvisable at this time possibly due to formation damage while drilling.
The Company also confirmed that the Securities and Exchange Commission ("SEC") is conducting a non-public formal investigation into the Company. Pursuant to the investigation, in February and April of 2012, the Company received three subpoenas issued by the SEC. The subpoenas called for the testimony of the Company's chief executive officer and chief financial officer and the delivery of certain documents. The subpoenas were issued pursuant to a nonpublic formal order of private investigation issued by the SEC on March 1, 2011, which followed a nonpublic informal inquiry commenced by the SEC in October 2010. Although the Company cannot be certain of the scope of the investigation, the SEC is trying to determine whether there have been any violations of the federal securities laws.
AMEX:HUSA shares fell from $10.84 per share on February 29, 2012 to $1.63 per share on April 24, 2012
Those who purchased shares of Houston American Energy Corporation (AMEX:HUSA), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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