NEW YORK, March 14, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court, Southern District of Texas, on behalf of all persons who purchased or otherwise acquired the securities of Hyperdynamics Corporation ("Hyperdynamics" or the "Company") (NYSE:HDY) during the period between November 8, 2012 and March 11, 2014 (the "Class Period").
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company obtained and retained oil and gas concession rights in violation of the U.S. Foreign Corrupt Practices Act and/or U.S. anti-money laundering statutes; (2) the Company lacked adequate internal and financial controls; and (3) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On September 30, 2013, the Company disclosed "that in September 2013 it received a subpoena from the United States Department of Justice (DOJ) requesting that the Company produce documents relating to its business in Guinea" for potentially violating the U.S. Foreign Corrupt Practices Act or U.S. anti-money laundering statutes. The focus of the investigation is "whether Hyperdynamics' activities in obtaining and retaining [its] concession rights and its relationships with charitable organizations violate the U.S. Foreign Corrupt Practices Act or U.S. anti-money laundering statutes." On this news, Hyperdynamics securities declined $0.66 per share, or nearly 15%, to close at $3.76 per share on October 1, 2013.
On March 12, 2014, the Company announced in a press release, that its partner in oil exploration in offshore Guinea, Tullow Oil Plc, halted activities in Guinea due to the U.S. Department of Justice and U.S. Securities and Exchange Commission probes into Hyperdynamics' alleged fraud and corruption in obtaining drilling licenses in Guinea. Tullow Oil asserted that these investigations constituted a Force Majeure event under its agreements with its partners, including Hyperdynamics, relating to exploration rights in offshore Guinea.
If you wish to serve as lead plaintiff, you must move the Court no later than May 12, 2014. 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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