Hyperdynamics Corporation (NYSE:HDY) Investor Investigation Over Possible Securities Laws Violations
San Diego, Feb. 17, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in shares of Hyperdynamics Corporation (NYSE:HDY)) over potential securities laws violations by certain officers and directors at Hyperdynamics Corp. was announced.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Hyperdynamics Corporation (NYSE:HDY) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements Hyperdynamics’ business, its prospects and its operations were potentially materially false and misleading at the time they were made.
On March 25, 2011, Hyperdynamics Corporation announced the public offering of 25million shares of Hyperdynamics' common stock priced at $5.00 per share, for gross proceeds of $144,000,000.
On July 8, 2011, Hyperdynamics Corporation announced that it would be listed on the New York Stock Exchange on or around July 11, 2011. Hyperdynamics' president and CEO Ray Leonard stated that the move was planned so as "to build shareholder value for the long term."
After hours on November 8, 2011, Hyperdynamics Corporation announced that its Q3 2011 net loss had increased to $4.38M, 52% above the prior year's losses, for a quarterly EPS of -$0.03. This exceeded analysts' expectations of a Q3 loss of -$0.02 EPS. Between market close on November 8, 2011 and market close on November 9, 2011, Hyperdynamics' share price fell by $1.33, or almost 25%, to $4.06.
On December 14, 2011, Hyperdynamics announced drilling delays on its Sabu-1 well.
On January 30, 2012, Hyperdynamics Corporation announced that it would raise $30 Million in a Registered Direct Offering.
On February 15, 2012, Hyperdynamics issued a press release announcing that it "Encounters Oil Shows in Sabu-1 Well Offshore Guinea-Conakry." Hyperdynamics Corporation said that "the indicated oil saturation appears to be residual, suggesting that larger volumes of oil formerly were present in the reservoirs but subsequently leaked out or that these rocks lay on a hydrocarbon migration pathway."
Shares of Hyperdynamics Corporation (NYSE:HDY) dropped from $2.18 on Wednesday to $1.05 on Thursday and closed Friday, February 17, 2012 at$1.38 per share.