ALBUQUERQUE, N.M.--(BUSINESS WIRE)--
The Law Offices of Nicholas Koluncich III, LLC is investigating possible breaches of fiduciary duty and violations of federal securities laws by the Board of Directors of Harvest Natural Resources, Inc. (“HNR” or “Harvest Natural”). On or about February 19 or 20, 2013, the company announced the termination of a significant prospective overseas agreement. This revelation resulted in an immediate decline in share price, reported on NASDAQ as more than $3.00 per share. On or about May 3, 2013, HNR announced its intention to “file amendments to its quarterly reports on Form 10-Q/A for each fiscal quarter ended March 31, 2012, June 30, 2012 and September 30, 2012, which will also include amendments to the quarters ended March 31, 2011, June 30, 2011, and September 30, 2011.” Harvest Natural explained that the amendments/restatements were made in light of incorrect accounting treatments, including but not limited to: reporting warrants issued in 2010 as equity rather than as a liability and recognizing costs as operating activity rather than as investing activity.
HNR shareholders bore the brunt of the Company’s announcements, suffering a dramatic decline in the share value. The NYSE reported a value as low as $2.45 per share, down from over $9.00 per share merely weeks earlier, with little recovery to date. For a more detailed explanation as to what the lawsuit means to current shareholders, please feel free to contact us. Individuals having information about this company or its directors and officers are asked to contact The Law Offices of Nicholas Koluncich III, LLC. Former employees are particularly encouraged to contact us.
If you own HNR shares or have any questions concerning your rights and interests with regard to this matter, please contact The Law Offices of Nicholas Koluncich III, LLC. Initial consultation is free of charge and all information shall be treated as privileged and confidential. Although no success in litigation is ever assured, as a long term HNR shareholder, you may be eligible for some form of financial recovery.
The Law Offices of Nicholas Koluncich III, LLC
6501 Americas Parkway NE
One Park Square – Suite 820
Albuquerque, NM 87110
FAX (505) 881-4288
The Law Offices of Nicholas Koluncich III, LLC has been representing individual and institutional investors for over a decade, and served as counsel in numerous cases in U.S. federal and state courts.
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Nicholas Koluncich, 505-881-2228