Harvest Natural Resources, Inc. (NYSE:HNR) Investor Alert: Lawsuit Alleges Misleading Statements

A lawsuit was filed for certain investors in shares of Harvest Natural Resources, Inc. (NYSE:HNR) over alleged securities laws violations. Deadline: May 21, 2013. NYSE:HNR stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com

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San Diego, CA -- (SBWire) -- 04/01/2013 --An investor in shares of Harvest Natural Resources, Inc. (NYSE:HNR) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Harvest Natural Resources, Inc. in connection with certain allegedly false and misleading statements made between May 7, 2010 and March 18, 2013.

Investors who purchased shares of Harvest Natural Resources, Inc. (NYSE:HNR) between May 7, 2010 and March 18, 2013 and / or those who purchased NYSE:HNR shares prior to May 7, 2010, have certain options and for certain NYSE:HNR investors are short and strict deadlines running. Deadline: May 21, 2013. NYSE:HNR investors should 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 a class consisting of all persons or entities who purchased or otherwise acquired securities of Harvest Natural Resources, Inc. (NYSE:HNR) between May 7, 2010 and March 18, 2013, that Harvest Natural Resources, Inc. and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between May 7, 2010 and March 18, 2013 a series of allegedly materially false and misleading statements regarding the Company's revenues and operations.

On June 21, 2012, Harvest Natural Resources, Inc. announced that its wholly-owned subsidiary, HNR Energia B.V., has signed a definitive Share Purchase Agreement (SPA) with PT Pertamina (Persero), the national oil company of Indonesia (the Buyer), to sell all of the Company's interests in Venezuela for $725.0 million in an all-cash transaction. Net proceeds from the sale were estimated to be approximately $525.0 million after deductions for transaction related costs and taxes.

Shares of Harvest Natural Resources, Inc. jumped from $4.88 per share on June 21, 2012, to $9.12 per share on June 22, 2012 and continued to increase to as high as $10.25 per share on January 4, 2013.

However, the plaintiff claims that the Defendants made false and/or misleading statements and/or failed to disclose that Harvest Natural Resources, Inc incorrectly capitalized certain lease maintenance costs and certain internal selling, general and administrative costs, that Harvest Natural Resources, Inc improperly presented certain cash flow items and caused certain long-lived assets to be impaired, Harvest Natural Resources, Inc was unable to sell its interests in Petrodelta S.A. to PT Pertamina (Persero), that Harvest Natural Resources, Inc lacked adequate internal and financial controls; and that as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.

Then on Feb. 20, 2013, Harvest Natural Resources, Inc. announced that the Share Purchase Agreement (SPA) between PT Pertamina (Persero) and HNR Energia B.V., a wholly-owned subsidiary of Harvest, for the purchase of Harvest's interests in Venezuela for $725 million has been terminated as a result of the Government of Indonesia, in its capacity as sole shareholder of PT Pertamina (Persero), voting not to approve the transaction.

On March 19, 2013, Harvest Natural Resources, Inc disclosed that there were certain errors in its financial statements related to, among others, the capitalization of certain lease maintenance costs and certain internal selling, general and administrative costs. In addition, the Company disclosed that it had determined that a material weakness existed in its controls over the accuracy and presentation of its accounting for certain long-lived assets and as a result, the Company would be required to "revise and possibly restate its financial statements for certain periods in 2010, 2011 and 2012."

Shares of Harvest Natural Resources, Inc. (NYSE:HNR) declined from $9.16 on Feb. 19, 2013 to $5.45 on Feb 20, 2013 and as low as $3.05 on March 19, 2013.

Those who purchased shares of Harvest Natural Resources, Inc. (NYSE:HNR), have certain options and should contact the Shareholders Foundation.

Contact
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

Media Relations Contact

Trevor Allen
General Manager
Shareholders Foundation, Inc.
858-779-1554
http://www.ShareholdersFoundation.com

View this press release online at: http://rwire.com/230949