LOS ANGELES, April 23, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP, representing investors of Harvest Natural Resources Inc. ("Harvest" or the "Company") (NYSE:HNR), has filed a class action lawsuit in the United States District Court for the Southern District of Texas on behalf of a class (the "Class") comprising all purchasers of Harvest securities between May 7, 2010 and March 18, 2013, inclusive (the "Class Period"). The Complaint alleges that throughout the Class Period the Company and certain of its executive officers issued false and/or misleading statements or failed to disclose material adverse facts concerning the Company's financial performance and prospects.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150, Toll-Free at (888) 773-9224, or by email at shareholders@glancylaw.com.
Harvest, an independent energy company, engages in the acquisition, exploration, development, production and disposition of oil and natural gas properties. The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements or failed to disclose material adverse facts about the Company's financial performance and prospects. Specifically, defendants misrepresented or failed to disclose that: (1) the Company incorrectly capitalized certain lease maintenance costs and certain internal selling, general and administrative costs; (2) the Company improperly presented certain cash flow items and caused certain long-lived assets to be impaired; (3) the Company was unable to sell its interests in Petrodelta S.A. to PT Pertamina (Persero); (4) the Company lacked adequate internal and financial controls; and (5) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions and substantial expertise in actions involving corporate fraud.
No class has yet been certified in this action. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you purchased Harvest securities during the Class Period you have certain rights, and have until May 21, 2013 to move for lead plaintiff status. If you wish to learn more about this action, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
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