NEW YORK, March 29, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Texas on behalf of purchasers of Harvest Natural Resources Inc. ("Harvest" or the "Company") (NYSE:HNR) between May 7, 2010 and March 18, 2013, seeking remedies under the federal securities laws.
The Complaint alleges that Defendants issued false and misleading statements regarding the Company's financial performance and prospects. Specifically, the Complaint alleges that Defendants misrepresented or failed to disclose that: (i) the Company incorrectly capitalized certain lease maintenance costs and certain internal selling, general and administrative costs; (ii) the Company improperly presented certain cash flow items and caused certain long-lived assets to be impaired; (iii) the Company was unable to sell its interests in Petrodelta S.A. to PT Pertamina; (iv) the Company lacked adequate internal and financial controls; and (v) as a result of the foregoing, the Company's statements were materially false and misleading during the Class Period.
If you wish to serve as lead plaintiff, you must move the Court no later than May 21, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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