San Diego, CA -- (SBWIRE) -- 04/17/2012 -- Certain Hyperdynamics Corporation directors and officers are under the investigation over possible breaches of fiduciary duties in connection with certain statements over Hyperdynamics’ Sabu-1 well.
Investors who are current long term stockholders in shares of Hyperdynamics Corporation (NYSE:HDY) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Hyperdynamics Corporation (NYSE:HDY) stocks follows a lawsuit filed earlier by shareholders who purchased Hyperdynamics Corporation (NYSE:HDY) shares only between February 17, 2011 and February 15, 2012.
The investigation on behalf of current long term investors in Hyperdynamics Corporation (NYSE:HDY) stocks, including also those who purchased within or prior to the above stated time frame, concerns whether certain Hyperdynamics officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of Texas the plaintiff alleges that Hyperdynamics violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements regarding Hyperdynamics’ business and financial results.
In December 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 2011 to as low as $0.83 on April 16, 2012.
Those who are current long term stockholders in shares of Hyperdynamics Corporation (NYSE:HDY) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego