STEVENSON, MD--(Marketwire -05/04/12)- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas on behalf of purchasers of Houston American Energy Corp. ("Houston American" or the "Company") (HUSA - News) securities during the period between March 29, 2010 and April 18, 2012, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in Houston American securities during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than June 26, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the continued investment in testing and completing the C7 and C9 formations in Tamandua #1 well was unproductive and not commercially viable. According to the complaint, after, on March 1, 2012, the Company announced delays in drilling its Tamandua #1 well and claimed that further analysis of the well's C7 and C9 formations would be announced as soon as they were available, and, after, on April 19, 2012, the Company ceased efforts to test and complete the C7 and C9 formations in the Tamandua #1 sidetrack well due to formation damage while drilling and disclosed the SEC's non-public formal investigation to determine whether there have been any violations of the federal securities laws, the value of Houston American shared declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven
Brower Piven, A Professional Corporation