Saxena White P.A. Files Securities Fraud Class Action Against Magnum Hunter Resources Corporation
BOCA RATON, FL--(Marketwired - May 3, 2013) - Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Southern District of Texas against Magnum Hunter Resources Corporation ("Magnum Hunter" or the "Company") (NYSE: MHR) and certain of the Company's executive officers. The class action is filed on behalf of investors who purchased or otherwise acquired Magnum Hunter's common stock during the period from January 17, 2012 through April 22, 2013, inclusive (the "Class Period"). The complaint brings claims for violations of the Securities Exchange Act of 1934.
Magnum Hunter is an independent oil and gas company that engages in the acquisition, exploration, exploitation, development and production of crude oil, natural gas and natural gas liquids primarily in West Virginia, Ohio, Texas, Kentucky and North Dakota, as well as in Saskatchewan, Canada.
During the Class Period, Magnum Hunter made materially false and misleading statements and omissions regarding the Company's financial condition and prospects as well as its internal controls. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (i) that the Company had material weaknesses in its valuation of its oil and gas properties, its calculation of oil and gas reserves, its position with respect to certain tax matters, the Company's accounting of its acquisition of NGAS Resources, Inc., and the Company's compliance with certain debt covenants; (ii) that, as a result, Magnum Hunter lacked adequate internal and financial controls; and (iii) that as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased Magnum Hunter stock between January 17, 2012 and April 22, 2013, inclusive, you may contact Joe White (jwhite@saxenawhite.com) or Marc Grobler (mgrobler@saxenawhite.com) at Saxena White P.A. to discuss your rights and interests.
If you purchased Magnum Hunter common stock during the Class Period of January 17, 2012 through April 22, 2013, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than June 24, 2013. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., located in Boca Raton, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.
