San Diego, CA -- (SBWIRE) -- 05/15/2012 -- A deadline is coming up on June 1, 2012 in the lawsuit filed for investors in NYSE:HDY shares against Hyperdynamics Corporation over alleged securities laws violations in connection with certain statements over its Sabu-1 well.
Investors with a substantial investment in NYSE:HDY shares between February 17, 2011 and February 15, 2012, should get active before the Deadline that is coming up on June 1, 2012, 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 for the Southern District of Texas 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.
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.
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 $0.59 per share on May 14, 2012
Those who purchased shares of Hyperdynamics Corporation (NYSE:HDY) have certain options and there are short and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego