A Deadline is coming up on June 24, 2013 in the lawsuit for investors in Magnum Hunter Resources Corp (NYSE:MHR) and NYSE:MHR stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 06/05/2013 -- A deadline is coming up on June 24, 2013 in the lawsuit filed for investors of Magnum Hunter Resources Corp (NYSE:MHR) over alleged securities laws violations by Magnum Hunter Resources in connection certain allegedly false and misleading statements made between January 17, 2012 and April 22, 2013
Investors with a substantial investment in Magnum Hunter Resources Corp (NYSE:MHR) shares between January 17, 2012 and April 22, 2013, should get active before the Deadline that is coming up on June 24, 2013, 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 for the Southern District of New York the plaintiff alleges on behalf of purchasers of Magnum Hunter Resources Corp (NYSE: MHR, MHR-PD, MHR-PE, MHR-PC) during the period between January 17, 2012 and April 22, 2013, that Magnum Hunter Resources Corp and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between January 17, 2012 and April 22, 2013 allegedly materially false and misleading statements regarding the reliability of its publicly reported financial reports.
More specifically, the plaintiff alleges that investors were misled concerning the reliability of Magnum Hunter Resources’ financial statements and internal controls in order to, among other things, facilitate the sale by Magnum Hunter Resources Corp of hundreds of millions of dollars’ worth of its common stock, preferred shares and publicly traded debt in multiple offerings conducted between January 17, 2012 and April 22, 2013.
On April 16, 2012, Magnum Hunter Resources Corp provided its First Quarter 2013 Company Wide Operational Update. The same day Magnum Hunter Resources Corp disclosed in a filing with the SEC that on April 10, 2013, Magnum Hunter Resources Corporation at the direction of the Audit Committee of Magnum Hunter Resources’ Board of Directors dismissed PricewaterhouseCoopers LLP (“PwC”) as Magnum Hunter Resources’ independent registered public accounting firm for the fiscal year ended December 31, 2012, effective immediately.
Then on April 22, 2013, Magnum Hunter Resources Corp disclosed that PricewaterhouseCoopers LLP disagreed with its account of their parting, disclosing a letter from PricewaterhouseCoopers LLP stating that PwC had “advised the Company that information [had come] to [its] attention that [PwC had] concluded materially impact[ed] the fairness or reliability of the Company’s consolidated financial statements and [that] this issue was not resolved to [PwC’s] satisfaction prior to [its] dismissal.”
Shares of Magnum Hunter Resources Corp declined from $4.00 per share on April 9, 2013, to as low as $2.39 per share on April 22, 2013.
On June 4, 2013, NYSE:MHR shares closed at $3.86 per share.
Those who purchased shares of Magnum Hunter Resources Corp (NYSE:MHR) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego