Branham Law Group Investigating HyperDynamics Corporation
Branham Law Group Investigating HyperDynamics Corporation
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Hyperdynamics Corp. Common Stock (NYSE:HDY)
Intraday Stock Chart
Today : Thursday 15 March 2012
Branham Law Group, LLP, a firm representing shareholders, is investigating HyperDynamics Corporation (NYSE: HDY) to determine whether actions of the officers or directors at HyperDynamics resulted in materially false and misleading statements to investors. The investigation also seeks to determine if those statements were intended to deceive the market and artificially increase the company's stock price. Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Trey Branham at (855) 722-5910 or tbranham@branhamlawgroup.com.
Branham Law Group, LLP’s investigation is focusing on allegations that Ray Leonard, HyperDynamics’ Chief Executive Officer, along with other senior executives at HyperDynamics, made misleading statements regarding the prospective value of the company's oil and gas concessions in Northwest Africa. During a September 2011 conference call, Mr. Leonard discussed Guinea Coast operations, informing investors that, "We are very confident in our program and in the prospectively of this acreage. I guess you can put two and two together on that." Unfortunately, just over a month later, on November 8, 2011, HyperDynamics disclosed financial results for 2011’s third quarter unveiling an increase in the Company’s net loss to $4.38 million for the quarter. This loss was 52% above the prior year's losses during the same period. After this disclosure shares of HyperDynamics fell by $1.33. This translates to a loss of almost 25% of their value and closed at $4.06 on November 9, 2011.
Then on February 15, 2012, HyperDynamics revealed that exploratory operations "indicated oil saturation [at the well] 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." This disclosure came after the market's normal trading hours. The next day the company’s shares opened at $1.12 per share, down over 30%.
Damaged HyperDynamics shareholders have the option of filing a class action lawsuit to recover damages incurred as a result of disclosures.
The Branham Law Group, LLP has extensive experience in securities and commercial litigation and handled claims of investor fraud, partnership oppression, shareholder derivative suits, and class actions of all types. The Branham Law Group also advises whistleblowers on appropriate courses of actions.
