April 2, 2015 (Shareholders Foundation) - An investigation on behalf of current long-term investors in shares of Halcon Resources Corp (NYSE:HK) shares was announced over potential breaches of fiduciary duties by certain officers and directors at Halcon Resources.

The investigation by a law firm concerns whether certain Halcon Resources officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.

On March 30, 2015, Halcon Resources Corp filed a Definitive Proxy Statement with the U.S. Securities and Exchange Commission (SEC), which asked shareholders to approve a proposed amendment of a Convertible Note and Warrants held by HALRES LLC, one at the Companys largest shareholders, at the upcoming annual shareholder meeting on May 6, 2015. The proposed amendment would extend the terms of the Convertible Note and Warrants by an additional three years (from 2017 to 2020) and reduce the conversion and exercise prices from $4.50 to $2.44 per share.

According to the investigation the Proxy Statement, however, failed to disclose, among other things: (i) the negotiations between a special committee of the Companys board of directors and HALRES regarding the amendments; (ii) what, if any, alternative arrangements were considered; and (iii) the underlying analysis of the special committees advisor.

Halcon Resources Corp reported that its annual Total Revenue rose from $999.51 million in 2013 to over $1.14 billion in 2014 and that its Net Loss of over $1.22 billion in 2013 turned into a Net Income of $315.96 million in 2014. Shares of Halcon Resources Corp (NYSE:HK) traded in mid-2014 as high as $7.36 per share.