NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm announces that it is investigating potential civil securities violations against Hyperdynamics Corporation (NYSE:HDY) resulting from allegations that the company made inadequate disclosures relating to known facts about the Company’s operations.
On September 30, 2013, the Company announced that it received a subpoena from the Department of Justice ("DOJ") requesting that the company produce documents relating to its business in Guinea. In 2006, a Production Sharing Contract was signed by the Company and the government of Guinea granting rights to an oil and gas concession offshore Guinea. The Company stated that the DOJ is investigating whether the Company’s activities in obtaining and retaining the concession rights and its relationships with charitable organizations potentially violate the U.S. Foreign Corrupt Practices Act or U.S. anti-money laundering statutes.
On March 12, 2014, the Company announced that Tullow Oil Plc, a company that was partnering with Hyperdynamics, had suspended work at a Guinea project as a result of the DOJ investigation. On this news, the Company’s stock fell 58%.
The Rosen Law Firm is investigating a securities class action lawsuit on behalf of Hyperdynamics investors. If you purchased Hyperdynamics stock before March 12, 2014, please visit the website at http://rosenlegal.com for more information. You may also contact Kevin Chan, Esq. or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at email@example.com or firstname.lastname@example.org.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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