Lawsuit Overview
August 25, 2015 - The court granted defendants' motion to dismiss.
July 11, 2015 - Defendants filed a motion to dismiss.
May 12, 2015 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Hyperdynamics Corporation (NYSE: HDY) common shares between September 30, 2009 and March 11, 2014. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between September 30, 2009 and March 11, 2014.
February 19, 2013 - Lead plaintiff and lead counsel were appointed.
June 4, 2012 - More lead plaintiff motions were filed.
June 1, 2012 - Lead plaintiff motions were filed.
April 2, 2012 - An investor in shares of Hyperdynamics Corporation (NYSE: HDY) filed a lawsuit in the U.S. District Court for the Southern District of Texas against Hyperynamics Corporation and its CEO over alleged Violations of Federal Securities Laws in connection with certain statements over its Sabu-1 well made between February 17, 2011 and February 15, 2012.
According to the complaint the plaintiff alleges on behalf of all persons who purchased or otherwise acquired the publicly traded securities of Hyperdynamics Corporation between February 17, 2011 and February 15, 2012, that Hyperdynamics Corporation and its President/Chief Executive Officer violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements regarding Hyperdynamics Corporation’s business and financial results.
On March 25, 2011, Hyperdynamics Corporation announced the public offering of 25 million shares of Hyperdynamics Corporation's (NYSE: HDY) common stock priced at $5.00 per share, for gross proceeds of $144,000,000.
On July 8, 2011, Hyperdynamics Corporation announced that it would be listed on the New York Stock Exchange on or around July 11, 2011. Hyperdynamics Corporation's president and CEO Ray Leonard stated that the move was planned so as to build shareholder value for the long term.
After hours on November 8, 2011, Hyperdynamics Corporation announced that its Q3 2011 net loss had increased to $4.38M, 52% above the prior year's losses, for a quarterly EPS of -$0.03. This exceeded analysts' expectations of a Q3 loss of -$0.02 EPS. Between market close on November 8, 2011 and market close on November 9, 2011, Hyperdynamics Corporation's share price fell by $1.33, or almost 25%, to $4.06.
On December 14, 2011, Hyperdynamics Corporation announced drilling delays on its Sabu-1 well.
On January 30, 2012, Hyperdynamics Corporation announced that it would raise $30 Million in a Registered Direct Offering.
Then on February 15, 2012, Hyperdynamics Corporation issued a press release announcing that it Encounters Oil Shows in Sabu-1 Well Offshore Guinea-Conakry. Hyperdynamics Corporation said that the indicated oil saturation appears to be residual, suggesting that larger volumes of oil formerly were present in the reservoirs but subsequently leaked out or that these rocks lay on a hydrocarbon migration pathway.
Shares of Hyperdynamics Corporation (NYSE: HDY) dropped from over $5 per share on November 8, 2011 to as low as $1.18 per share on February 23, 2012 and closed on April 2, 2012, at $1.30 per share.