Class Period: Feb 17, 2011 to Feb 15, 2012
Lead Plaintiff Deadline: Jun 4, 2012 + Deadline passed
Summary of Case:
A securities class action has been filed against Hyperdynamics Corporation ("Hyperdynamics" or the "Company")on behalf of all persons who purchased or otherwise acquired Hyperdynamics publicly traded securities between February 17, 2011 and February 15, 2012. This case has been filed in the USDC - Texas (Southern).
The complaint alleges that during the Class Period, Defendants issued materially false and misleading statement regarding the Company's business and financial results. As a result of Defendants' false statements, Hyperdynamics stock traded at artificially inflated prices during the Class Period, reaching a high of $6.35 per share on March 4, 2011.
The true facts, which were known by Defendants but concealed from the investing public during the Class Period, were as follows:
(a) Due to numerous cost overruns and delays, including logistical delays resulting from limited port facilities in Guinea as well as issues related to mechanical and operational matters surrounding the spudding of the Sabu-1 well, the Company would be unable to commence drilling on the Baraka-1 well.
(b) The Company had far greater exposure to liquidity concerns than it had previously disclosed. Despite the Company's March 2011 common stock offering, Hyperdynamics did not have sufficient funds able to drill both the Sabu-1 well and the Baraka-1 well.
(c) Based on the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company's drilling operations or the prospective value of the Company's oil and gas concessions.
As a result of Defendants' false statements and omissions, Hyperdynamics' publicly traded securities traded at artificially inflated prices during the Class Period. However, after the above revelations seeped into the market, the Company's shares were hammered by massive sales, sending them down 77% from their Class Period high.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.