Key Developments: Magnum Hunter Resources Corp (MHR)
3.43USD
21 May 2013
$-0.12 (-3.38%)
$3.32
$3.49
$3.64
$3.42
3,750,075
5,285,208
$5.24
$2.37
Latest Key Developments (Source: Significant Developments)
Lieff Cabraser Announces Class Action Litigation Against Magnum Hunter Resources Corp
The law firm of Lieff Cabraser Heimann & Bernstein, LLP announced that class action litigation has been brought on behalf of all persons who purchased or otherwise acquired the publicly traded securities of Magnum Hunter Resources Corp between January 17, 2012 and April 22, 2013, inclusive (the Class Period). Full Article
Saxena White P.A. Files Securities Fraud Class Action Against Magnum Hunter Resources Corp
Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Southern District of Texas against Magnum Hunter Resources Corporation and certain of the Company's executive officers. The class action is filed on behalf of investors who purchased or otherwise acquired Magnum Hunter's common stock during the period from January 17, 2012 through April 22, 2013, inclusive (the Class Period). The complaint brings claims for violations of the Securities Exchange Act of 1934. Full Article
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Magnum Hunter Resources Corp
Law Offices of Howard G. Smith announced that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class comprising all purchasers of the securities of Magnum Hunter Resources Corp between January 17, 2012 and April 22, 2013, inclusive. The Complaint alleges that defendants issued materially false and misleading statements or failed to disclose material adverse facts concerning the Company's financial performance and prospects. Full Article
Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Magnum Hunter Resources Corp
Ryan & Maniskas, LLP announced that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Magnum Hunter Resources Corporation (Magnum Hunter) publicly traded securities during the period between January 17, 2012 and April 22, 2013 (the Class Period). Full Article
Squitieri & Fearon, LLP Announces Suit Filed Against Magnum Hunter Resources Corp
Squitieri & Fearon, LLP announced that a class action has been filed in the United States District Court for the Southern District of Texas against Magnum Hunter Resources Corp. on behalf of investors who purchased the Company's securities during the period from May 3, 2012 through April 16, 2013. The Complaint charges MHR and some of officers and Directors with making false and misleading statements as well as failing to disclose material adverse facts about the Company's business practices. On April 16, 2013 the Company disclosed that it had dismissed auditor (PricewaterhouseCoopers LLP) after the auditor identified issues that could have a material impact on the fairness or reliability of MHR's financial statements. MHR's shares now trade at approximately $2.80 per share, which is far less than the prices that investors paid for their shares. Full Article
Bernstein Liebhard LLP Announces That Class Action Has Been Filed Against Magnum Hunter Resources Corp
Bernstein Liebhard LLP announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of a class (the "Class") of purchasers of Magnum Hunter Resources ("Magnum" or the "Company") securities between May 3, 2012, and April 16, 2013 (the "Class Period"). Full Article
Harwood Feffer LLP Announces Investigation Of Magnum Hunter Resources Corp
Harwood Feffer LLP is investigating potential claims against the Board of Directors of Magnum Hunter Resources Corporation, concerning whether the Board has breached fiduciary duties to shareholders. On April 16, 2013, the Company disclosed that it had dismissed independent auditor after the auditor advised the Company of material weaknesses in MHR's internal accounting controls. The control weaknesses identified were in areas that could impact the fairness and reliability of the Company's financial statements. The investigation concerns whether the Company's Board of Directors has breached fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing. Full Article
Penn Virginia Corp Announces Closing Of Eagle Ford Shale Acquisition From Magnum Hunter Resources Corp
Penn Virginia Corp announced that it has closed its previously announced acquisition of producing properties and undeveloped leasehold interests in the Eagle Ford Shale play from Magnum Hunter Resources Corporation for approximately $360 million in cash and the issuance of 10 million shares of common stock. The acquisition had an effective date of January 1, 2013 and the purchase price adjustment paid to MHR at closing in cash was approximately $19 million, along with the assumption of approximately $16 million of net current liabilities. The cash portion of the purchase price was funded by proceeds from the private placement of debt securities. RBC Capital Markets served as our exclusive financial advisor on the transaction. Full Article
Glancy Binkow & Goldberg LLP Announces Filing Of Class Action Lawsuit Against Magnum Hunter Resources Corp
Glancy Binkow & Goldberg LLP, announced that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the "Class") comprising all purchasers of Magnum Hunter securities between May 3, 2012, and April 16, 2013, inclusive (the "Class Period"). The Complaint alleges that throughout the Class Period the Company and certain of its executive officers issued false and/or misleading statements or failed to disclose material adverse facts concerning the Company`s operations and financial performance and prospects. Full Article
Glancy Binkow & Goldberg LLP Announces Investigation Of Magnum Hunter Resources Corp
Glancy Binkow & Goldberg LLP announced that it is investigating potential claims on behalf of investors of Magnum Hunter Resources Corporation concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by MHRC misrepresented the Company's operations and financial performance and prospects. MHRC is an independent oil and gas company that engages in the acquisition, exploration, exploitation, development and production of crude oil, natural gas and natural gas liquids primarily in West Virginia, Ohio, Texas, Kentucky, North Dakota and Saskatchewan, Canada. On April 16, 2013, MHRC disclosed that at the direction of the Audit Committee of the Company's Board of Directors MHRC had dismissed its auditor, PricewaterhouseCoopers LLP (PwC), after PwC advised the Company of material weaknesses in the Company's internal accounting controls. PwC identified certain issues that may have a material impact on the fairness or reliability of MHRC's consolidated financial statements, including valuation of the Company's oil and gas properties; calculation of the Company's oil and gas reserves; the Company's position with respect to certain tax matters; the Company's accounting of acquisition of NGAS Resources, Inc.; and the Company's compliance with certain debt covenants. Full Article
TEXT - S&P revises Magnum Hunter Resources outlook to stable
Overview -- Given higher than initially anticipated levels of acquisition activity and capital spending, U.S.-based Magnum Hunter Resource Corp.'s credit protection measures will likely show less improvement than what we previously expected. -- We are revising our outlook on Magnum Hunter to stable from positive and affirming our 'B-' corporate credit rating. -- Magnum is adding $150 million to its existing senior unsecured notes due 2020, and we are lowering our issue rat
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