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Magnum Hunter Resources Corporation (NYSE: MHR) Investor Securities Class Action Lawsuit 04/23/2013

  • If you purchased shares of Magnum Hunter Resources Corporation (NYSE: MHR), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Magnum Hunter Resources Corp
Security
NYSE: MHR

Case Name
Magnum Hunter Resources Shareholder Class Action Lawsuit 04/23/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

July 22, 2014 - The lead plaintiff filed a notice of appeal.
June 23, 2014 - The court granted the defendants' motions to dismiss.

January 15, 2014 - The defendants filed motions to dismiss.

November 20, 2013 - The lead plaintiff filed an amended complaint.

October 7, 2013 - The lead plaintiff and lead counsel were appointed.

May 16, 2013 - All cases were consolidated.

April 25, 2013 - Another investor filed an additional complaint.

April 24, 2013 - Another investor filed a complaint.

April 23, 2013 - An investor in shares of Magnum Hunter Resources Corporation (NYSE: MHR) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Magnum Hunter Resources Corporation in connection certain allegedly false and misleading statements made between May 3, 2012 and April 16, 2013.

According to the complaint the plaintiff on behalf of purchasers of Magnum Hunter Resources Corporation publicly traded securities (NYSE: MHR, MHR-PD, MHR-PE, MHR-PC) during the period between May 3, 2012 and April 16, 2013, that Magnum Hunter Resources Corporation and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between May 3, 2012 and April 16, 2013 allegedly materially false and misleading statements regarding the reliability of its publicly reported financial reports.

More specifically, the plaintiff alleges that investors were misled concerning the reliability of Magnum Hunter Resources Corporation’s financial statements and internal controls in order to, among other things, facilitate the sale by Magnum Hunter Resources Corporation of hundreds of millions of dollars’ worth of its common stock, preferred shares and publicly traded debt in multiple offerings conducted between May 3, 2012 and April 16, 2013.

On April 16, 2012, Magnum Hunter Resources Corporation provided its First Quarter 2013 Company Wide Operational Update. The same day Magnum Hunter Resources Corporation disclosed in a filing with the SEC that on April 10, 2013, Magnum Hunter Resources Corporation at the direction of the Audit Committee of Magnum Hunter Resources Corporation’s Board of Directors dismissed PricewaterhouseCoopers LLP (“PwC”) as Magnum Hunter Resources Corporation's independent registered public accounting firm for the fiscal year ended December 31, 2012, effective immediately.

Then on April 22, 2013, Magnum Hunter Resources Corporation disclosed that PricewaterhouseCoopers LLP disagreed with its account of their parting, disclosing a letter from PricewaterhouseCoopers LLP stating that PwC had “advised the Company that information [had come] to [its] attention that [PwC had] concluded materially impact[ed] the fairness or reliability of the Company’s consolidated financial statements and [that] this issue was not resolved to [PwC’s] satisfaction prior to [its] dismissal.”

Shares of Magnum Hunter Resources Corporation (NYSE: MHR) declined from $4.00 per share on April 9, 2013, to as low as $2.39 per share on April 22, 2013.

On April 26, 2013, Magnum Hunter Resources Corporation (NYSE: MHR) shares closed at $2.69 per share which is less than half its current 52 week High of $6.45 per share.