Key Developments: Hyperdynamics Corp (HDY)

HDY on New York Consolidated

1.57USD
17 Apr 2014
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Latest Key Developments (Source: Significant Developments)

Glancy Binkow & Goldberg LLP files class action lawsuit against Hyperdynamics Corporation
Thursday, 10 Apr 2014 10:32am EDT 

Glancy Binkow & Goldberg LLP:Class action lawsuit has been filed in United States District Court for Southern District of Texas on behalf of class comprising all purchasers of securities of Hyperdynamics Corporation between Nov. 8, 2012 and March 11.Complaint alleges that during Class Period defendants made false and/or misleading statements or failed to disclose material adverse facts.Including that Hyperdynamics lacked adequate internal and financial controls and company obtained and retained oil-and-gas concession rights in violation of U.S. Foreign Corrupt Practices Act and/or U.S. anti-money laundering statutes.  Full Article

Block & Leviton LLP files class action lawsuit against Hyperdynamics Corporation
Friday, 14 Mar 2014 10:56am EDT 

Block & Leviton LLP:Files class action lawsuit against Hyperdynamics Corp and certain officers.Says the complaint alleges that throughout the Class Period failed to disclose material facts adverse to business and made false and/or misleading statements regarding its business.  Full Article

Pomerantz LLP announces filing of class action against Hyperdynamics Corp and certain officers
Thursday, 13 Mar 2014 10:02pm EDT 

Pomerantz LLP:Files class action lawsuit against Hyperdynamics Corp and certain of its officers.Class action, filed in United States District Court, Southern District of Texas, is on behalf of class consisting of all persons or entities who purchased or otherwise acquired Hyperdynamics securities between Nov. 8, 2012 and March 11, 2014, both dates inclusive (the class period).Complaint alleges that throughout class period, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the company's business, operations, and prospects.Specifically, defendants made false and/or misleading statements and/or failed to disclose that.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.The company lacked adequate internal and financial controls.And as a result of the foregoing, the company's statements were materially false and misleading at all relevant times.  Full Article

Hyperdynamics Corp names David Wesson as CFO
Tuesday, 10 Dec 2013 06:15am EST 

Hyperdynamics Corp:Says it has appointed David Wesson as its new Vice President and CFO.Says he assume this new role effective Jan. 1.Says he succeeds Paul Reinbolt, who will step down from the CFO position at the end of Dec.  Full Article

Hyperdynamics Corp Announces The Departure Of CFO Paul C. Reinbolt At Year-End
Wednesday, 28 Aug 2013 04:05pm EDT 

Hyperdynamics Corp announced that the resignation of Paul C. Reinbolt, Executive Vice President and Chief Financial Officer. Mr. Reinbolt will remain with the Company through December 31, 2013.  Full Article

Hyperdynamics Corp's SCS Corporation Ltd Completes Sale of 40% Interest in Guinea Concession to Tullow Oil PLC's Tullow Guinea Ltd
Monday, 31 Dec 2012 09:00am EST 

Hyperdynamics Corp announced that its wholly owned subsidiary, SCS Corporation Ltd, has completed the previously announced sale of a 40% gross interest in the Company's oil and gas exploration concession offshore Guinea to Tullow Guinea Ltd., a subsidiary of U.K.-based Tullow Oil PLC. Guinea's Ministry of Mines and Geology formally approved the sale by issuing an Arrete on December 27, the transaction closed December 31, 2012 , and Tullow has transferred the $27 million cash payment to SCS. Tullow will also carry SCS' participating interest share of future expenses, up to a gross expenditure cap of $100 million, from the date of entry into the next exploration period until 90 days after the drilling of the well.  Full Article

Hyperdynamics Corp's SCS Corporation Ltd Enters Into Agreement With Tullow Oil plc's Subsidiary
Monday, 29 Oct 2012 06:00am EDT 

Hyperdynamics Corp announced that its wholly owned subsidiary, SCS Corporation Ltd, (SCS) has entered into an agreement with a subsidiary of Tullow Oil plc, a independent oil & gas exploration company, for exclusive negotiations in respect of a potential acquisition of a 40% gross interest (the Interest) in the Concession offshore Guinea. The exclusivity period is scheduled to terminate on November 19, 2012. In the event that a definitive agreement for the acquisition of the Interest is entered into during the exclusivity period, it will be subject to customary provisions relating to the satisfaction of certain conditions precedent prior to completion of acquisition. In the event that a definitive agreement for the acquisition is entered into, completion of the transaction is expected to take place by year end 2012.  Full Article

HyperDynamics Corporation Files Suit Against AGR Well Management Limited
Thursday, 21 Jun 2012 01:30pm EDT 

HyperDynamics Corporation announced that its wholly owned subsidiary, SCS Corporation, has filed suit against AGR Well Management Limited following unsuccessful negotiations to address cost overruns associated with the Sabu-1 well drilled off the coast of the Republic of Guinea. The Sabu-1 well was spud in October of 2011 and completed early this year.  Full Article

Law Firm of Levi & Korsinsky Notifies Investors With Losses On Investment In Hyperdynamics Corporation
Monday, 21 May 2012 01:29pm EDT 

Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas, Houston Division on behalf of investors who purchased Hyperdynamics Corporation stock between February 17, 2011 and February 15, 2012. The complaint alleges that defendants concealed the fact that due to numerous cost overruns and logistical delays, as well as mechanical and operational issues in connection with the spudding of its Sabu-1 well, the Company could not begin drilling on the Baraka-1 well. Furthermore, despite its public statements to the contrary, Hyperdynamics did not possess adequate funds to drill both wells. On January 30, 2012, Hyperdynamics announced that due to higher than anticipated drilling costs at the Sabu-1 well, the Company announced plans to raise $30 million through a common stock offering. On this news, Hyperdynamics stock declined $0.77 per share to close at $2.60 per share on January 30, 2012. Then, on February 15, 2012, the Company announced disappointing results from the Sabu-1 exploration well, reporting only non-commercial quantities of oil present. In reaction, Hyperdynamics stock dropped $0.58 per share to close at $1.44 per share.  Full Article

UPDATE 2-Tullow declares force majeure on Guinea project after partner probe

March 12 - London-listed Tullow Oil has declared force majeure on its offshore exploration block in Guinea following a U.S. regulatory investigation of its project partner Hyperdynamics Corp.

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