San Diego, CA -- (SBWIRE) -- 04/03/2012 -- An investor in NYSE:HDY stocks filed a lawsuit in The U.S. District Court for the Southern District of Texas against Hyperynamics and its CEO over alleged Violations of Federal Securities Laws in connection with certain statements over its Sabu-1 well.
Investors who purchased shares of Hyperdynamics Corporation (NYSE:HDY) between February 17, 2011 and February 15, 2012, have certain options and there are short and strict deadlines running. Deadline: May 21, 2012. NYSE:HDY stockholders should co contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all persons who purchased or otherwise acquired the publicly traded securities of Hyperdynamics Corporation between February 17, 2011 and February 15, 2012, that Hyperdynamics and its President/Chief Executive Officer violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements regarding Hyperdynamics’ business and financial results.
In March 2011 Hyperdynamics Corporation announced the public offering of 25million shares of Hyperdynamics' common stock priced at $5.00 per share, for gross proceeds of $144,000,000. In july 2011 Hyperdynamics Corporation announced that it would be listed on the New York Stock Exchange on or around July 11, 2011. Hyperdynamics' president and CEO Ray Leonard stated that the move was planned so as "to build shareholder value for the long term."
On November 8, 2011, Hyperdynamics Corporation announced that its Q3 2011 net loss had increased to $4.38M, 52% above the prior year's losses, for a quarterly EPS of -$0.03. This exceeded analysts' expectations of a Q3 loss of -$0.02 EPS. Between market close on November 8, 2011 and market close on November 9, 2011, Hyperdynamics' share price fell by $1.33, or almost 25%, to $4.06. On December 14, 2011, Hyperdynamics announced drilling delays on its Sabu-1 well. On January 30, 2012, Hyperdynamics Corporation announced that it would raise $30 Million in a Registered Direct Offering.
Then on February 15, 2012, Hyperdynamics issued a press release announcing that it "Encounters Oil Shows in Sabu-1 Well Offshore Guinea-Conakry." Hyperdynamics Corporation said that "the indicated oil saturation appears to be residual, suggesting that larger volumes of oil formerly were present in the reservoirs but subsequently leaked out or that these rocks lay on a hydrocarbon migration pathway."
Shares of Hyperdynamics Corporation (NYSE:HDY) dropped from over $5 per share on November 8, 2011 to as low as $1.18 per share on February 23, 2012 and closed on April 2, 2012, at $1.30 per share.
Those who purchased shares of Hyperdynamics Corporation (NYSE:HDY) between February 17, 2011 and February 15, 2012, you have certain options and there are short and strict deadlines running. Deadline: May 21, 2012. NYSE:HDY stockholders should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego