I could be that there is movement on the following:
"UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF TEXAS In re HOUSTON AMERICAN ENERGY CORP SECURITIES LITIGATION Master File No. 4:12-cv-01332 JURY TRIAL DEMANDED THIS DOCUMENT RELATES TO: All Actions CONSOLIDATED CLASS ACTION COMPLAINT Lead Plaintiffs Paul Spitzberg ("Spitzberg") and Stephen Gerber ("Gerber") (collectively "Plaintiffs"), individually and on behalf of all other persons similarly situated, by their undersigned attorneys, for their complaint against defendants, allege the following"
The above is the beginning of the class action complaint that was initiated by the above 2 individuals. The consolidated version was filed in the State of Texas Southern District on 11-15-12.
It is 52 pages long and you can read it if you are interested. Just google around with the case number and you will find the document. I read it last night and it was disgusting. I hope the honorable judge throws the whole thing out as being without merit.
It alleges that the management and board of HUSA misrepresented the potential of the CPO block in Columbia by saying there were 1 to 4 billion estimated barrels of oil reserve in the block and then misrepresenting the drilling by making investors think it was likely that oil would be found. Tamandua #1 is the main well in question. I found the complaints to be ridiculous. First, HUSA used the word "estimated" for the reserve statement. The suit says they should have used the word "resources" instead of reserves. We're getting silly here. The suit makes the plantiffs sound like experienced and knowledgeable oilmen. Even if they weren't, there is no excuse for not doing your own homework and research before investing in a company and then taking responsibility for your own investment decisions.
Plus, the suit is a smear campaign against current management and directors.
Plus, the suit is a smear campaign against current management and directors. They dragged up everything they could possibly find in management's past and then spun it into a web that they tried to cast over the whole company, whether any of it had any bearing on the complaint or not. Like I said, the whole approach to their complaint was disgusting. We all have histories. The oil business is a rough and tumble business. If they had done their research before investing, they would have known that HUSA's management team was not a bunch of saints in business suits. They have valuable experience and the ability to make things happen.
Plus, the period covered is from 2009 to April 18th, 2012. Anyone who bought HUSA shares during that time frame is in the class, whether they lost money or not. If you look at the chart, you will see that lots of folks likely made lots of money before the dry and plugged holes and the inevitable drop in share price. I guess the plaintiffs did not sell quick enough and now they want the court to make up for their poor judgement and bad luck. According to the plaintiffs, there are potentially hundreds of thousands of investors in the class. Please. This is not Enron. This is HUSA.
If the plaintiffs were really smart, they would drop the suit now, before the judge throws it out, and simply buy HUSA shares at this level. I imagine they could make most if not all of their lost money back. Plus, they always run the possibility of a counter suit by a group of current investors who bought prior to April 18th 2012. No doubt the class action suit contributed to the share price going as low as it has. If someone has the time and money, maybe they will consider suing the plaintiffs for defamation, liable, and share price manipulation.
Folks who sue a company because the share price went down when they expected it to go up should generally have their case thrown out by some judge who realizes what is going on.