Key Developments: Harvest Natural Resources Inc (HNR.N)
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$0.02 (+0.58%)
$3.44
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42,431
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Latest Key Developments (Source: Significant Developments)
Harvest Natural Resources Inc Announces Auditor Change-Form 8-K
Harvest Natural Resources Inc reported in its Form 8-K that on June 19, 2013, Harvest Natural Resources, Inc. (Company), at the direction and with the unanimous approval of the Audit Committee of the Company’s Board of Directors, dismissed PricewaterhouseCoopers LLP (PwC) as its independent registered public accounting firm and engaged UHY LLP (UHY) to become its new independent registered public accounting firm. Full Article
Levi & Korsinsky, LLP Notifies Investors With Losses On Their Investment In Harvest Natural Resources Inc Of Class Action Lawsuit
Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas on behalf of investors who purchased Harvest Natural Resources Inc stock between May 7, 2010 and March 18, 2013. The complaint alleges that the defendants issued materially false and misleading statements and/or failed to disclose that the Company: incorrectly capitalized lease maintenance costs and internal selling, general and administrative costs; improperly reported cash flow items and caused long-lived assets to be impaired; was unable to sell its interests in Petrodelta S.A. to PT Pertamina (Persero); and lacked adequate internal and financial controls. Full Article
Cohen Milstein Sellers & Toll PLLC Announces Investigation Of Harvest Natural Resources Inc
Cohen Milstein Sellers & Toll PLLC announced that it is conducting an investigation to determine whether Harvest Natural Resources, Inc. (Harvest or the Company) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Several class action lawsuits were filed in the U.S. District Court for the Southern District of Texas by other law firms on behalf of purchasers of the common stock of Harvest Natural Resources, Inc. between May 7, 2010 and March 19, 2013, inclusive (the Class Period). The complaint alleges that Harvest and certain of its officers and directors (Defendants) misrepresented and/or failed to disclose that: (1) Harvest incorrectly capitalized certain lease maintenance costs and certain internal selling, general and administrative costs; (2) Harvest improperly presented certain cash flow items and caused certain long-lived assets to be impaired; (3) Harvest would be unable to sell its interests in Venezuela; (4) Harvest lacked adequate internal and financial controls; and (5) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times. Full Article
Block & Leviton LLP Files Securities Class Action Lawsuit Against Harvest Natural Resources Inc And Certain Of Its Officers And Directors
Block & Leviton LLP a Boston-based law firm representing investors nationwide, announced that it has filed a class action lawsuit against Harvest Natural Resources Inc. The lawsuit, captioned Myers v. Harvest Natural Resources, Inc., et al., Case No. 4:13-cv-1139, is pending in the U.S. District Court for the Southern District of Texas. The complaint asserts that HNR made false and misleading statements regarding the Company's internal financial controls and its accounting for certain lease maintenance costs. More specifically, the complaint alleges that: HNR incorrectly capitalized certain lease maintenance costs and internal selling, general and administrative costs; HNR improperly presented cash flow items and caused certain long-lived assets to be impaired; and HNR was unable to sell its interests in Petrodelta S.A. to PT Pertamina (Persero). Because of these false statements, HNR will likely be required to restate its financial statements years 2010, 2011 and 2012. Full Article
Glancy Binkow & Goldberg LLP Files Class Action Lawsuit Against Harvest Natural Resources Inc
Glancy Binkow & Goldberg LLP, representing investors of Harvest Natural Resources Inc. has filed a class action lawsuit in the United States District Court for the Southern District of Texas on behalf of a class comprising all purchasers of Harvest securities between May 7, 2010 and March 18, 2013, inclusive. The Complaint alleges that throughout the Class Period the Company and certain of executive officers issued false and/or misleading statements or failed to disclose material adverse facts concerning the Company's financial performance and prospects. Full Article
Rosen Law Firm Files Securities Class Action Against Harvest Natural Resources Inc
The Rosen Law Firm, P.A. announced that it has filed a class action lawsuit on behalf of investors who purchased the securities of Harvest Natural Resources Inc during the period between May 7, 2010 and March 18, 2013, seeking to recover damages for violations of the federal securities laws. The lawsuit claims that Harvest Natural and certain of its officers and directors issued materially false and misleading statements about its revenue and operations. According to the Complaint: (a) Harvest Natural wrongfully capitalized certain lease maintenance costs and certain internal selling, general and administrative costs; (2) Harvest Natural wrongfully presented certain cash flow items and caused certain long-lived assets to be impaired; (3) Harvest Natural was unable to sell its interests in Petrodelta S.A. to PT Pertamina (Persero); (4) Harvest Natural lacked adequate internal and financial controls; and (5) as a result of the foregoing, Defendants' statements about Harvest Natural were materially false and misleading. The complaint alleges that these misstatements caused investors significant damages Full Article
Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Harvest Natural Resources Inc
The Law Offices of Todd M. Garber announced that a class action lawsuit has been filed in the United States District Court for the Southern District of Texas on behalf of a class (the Class) comprising all purchasers of the securities of Harvest Natural Resources Inc between May 7, 2010 and March 18, 2013, inclusive (the Class Period). The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements or failed to disclose material adverse facts about the Company's financial performance and prospects. Specifically, defendants misrepresented or failed to disclose that: (1) the Company incorrectly capitalized certain lease maintenance costs and certain internal selling, general and administrative costs; (2) the Company improperly presented certain cash flow items and caused certain long-lived assets to be impaired; (3) the Company was unable to sell its interests in Petrodelta S.A. to PT Pertamina (Persero); (4) the Company lacked adequate internal and financial controls; and (5) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times. Full Article
Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in Class Action Lawsuit Against Harvest Natural Resources Inc
Law Offices of Howard G. Smith announced that investors of Harvest Natural Resources Inc have until May 21, 2013 to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Southern District of Texas on behalf of a class (the Class) comprising all purchasers of Harvest securities between May 7, 2010 and March 18, 2013, inclusive (the Class Period). The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements or failed to disclose material adverse facts about the Company's financial performance and prospects. Specifically, defendants misrepresented or failed to disclose that: (1) the Company incorrectly capitalized certain lease maintenance costs and certain internal selling, general and administrative costs; (2) the Company improperly presented certain cash flow items and caused certain long-lived assets to be impaired; (3) the Company was unable to sell its interests in Petrodelta S.A. to PT Pertamina (Persero); (4) the Company lacked adequate internal and financial controls; and (5) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times. Full Article
Bernstein Liebhard LLP Announces Class Action Against Harvest Natural Resources Inc
Bernstein Liebhard LLP announced that a class action has been commenced in the United States District Court for the Southern District of Texas on behalf of a class (the Class) of purchasers of Harvest Natural Resources, Inc. (Harvest or the Company) securities between May 7, 2010 and March 18, 2013 (the Class Period). On February 20, 2013, the Company disclosed the termination of the Share Purchase Agreement between PT Pertamina (Persero) and HNR Energia B.V., a wholly-owned subsidiary of Harvest. On this news, Harvest stock fell $3.71 per share or 40.5%, to close at $5.45 per share on February 20, 2013. On March 19, 2013, the Company disclosed that there were certain errors in its financial statements related to, among others, the capitalization of certain lease maintenance costs and certain internal selling, general and administrative costs. In addition, the Company disclosed that it had determined that a material weakness existed in its controls over the accuracy and presentation of its accounting for certain long-lived assets. As a result, the Company would be required to revise and possibly restate its financial statements for certain periods in 2010, 2011 and 2012. On this news, Harvest stock plummeted $1.79 per share or more than 32%, to close at $3.70 per share on March 19, 2013. Full Article
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Harvest Natural Resources Inc
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Texas on behalf of all purchasers of the securities of Harvest Natural Resources, Inc. between May 7, 2010 and March 18, 2013, inclusive. Full Article
Accounting errors may force Harvest Natural to restate results
- Harvest Natural Resources Inc lost nearly half of its market value on Tuesday after the oil and gas producer said it identified some accounting errors that might force it to restate results for some periods in the last three years.
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