San Diego, CA -- (SBWIRE) -- 06/04/2012 -- A deadline is coming up on June 26, 2012 in the lawsuit filed for investors of NYSEAMEX:HUSA against Houston American Energy Corporation over alleged securities laws violations
Investors with a substantial investment in NYSEAMEX:HUSA shares between March 29, 2010 and April 18, 2012,, should get active before the Deadline that is coming up on June 26, 2012, and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court, Southern District of Texas the plaintiff alleges on behalf of purchasers of Houston American Energy Corporation (NYSEAMEX:HUSA) securities between March 29, 2010 and April 18, 2012, that Houston American Energy Corporation and certain of its top officials violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
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 as low as $1.52 on May 17, 2012.
Those who purchased shares of Houston American Energy Corporation (NYSEAMEX:HUSA), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego