BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that it is investigating potential claims against Magnum Hunter Resources Corporation (“Magnum Hunter” or the “Company”) (MHR) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by Magnum Hunter misrepresented the Company’s financial condition, performance and prospects.
Magnum Hunter engages in the acquisition, exploration, exploitation, development and production of crude oil, natural gas and natural gas liquids. The investigation is related to the Company’s April 16, 2013 disclosure that Magnum Hunter had dismissed its auditor, PricewaterhouseCoopers LLP (“PwC”) at the direction of the Audit Committee of the Company's Board of Directors, after PwC advised the Company of material weaknesses in the Company’s internal accounting controls. PwC identified certain issues that may have a material impact on the fairness or reliability of Magnum Hunter’s consolidated financial statements, including: (1) valuation of the Company’s oil and gas properties; (2) calculation of the Company’s oil and gas reserves; (3) the Company’s position with respect to certain tax matters; (4) the Company’s accounting of its acquisition of NGAS Resources, Inc.; and (5) the Company’s compliance with certain debt covenants.
If you purchased Magnum Hunter shares before April 17, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.