NEW YORK, April 25, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of securities of Magnum Hunter Resources Corporation ("Magnum Hunter" or the "Company") (NYSE:MHR) (CUSIP: 55973B102) for the class period of between May 3, 2012, and April 16, 2013 ("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 operations and financial performance and prospects.
If you purchased Magnum Hunter between May 3, 2012 and April 16, 2013, you may, no later than June 24, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you purchased Magnum Hunter and want more information about the Magnum Hunter securities fraud class action, please contact George Pressly, Esq. at 1 (800) 631-6234 or email George at AskGeorge@morgansecuritieslaw.com.
On April 16, 2013, Magnum Hunter disclosed that at the direction of the Audit Committee of the Company's Board of Directors, Magnum Hunter had dismissed its auditor, PricewaterhouseCoopers LLP ("PwC"), 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.
As a result of this news, Magnum Hunter shares declined nearly 15%, or $0.49 per share, to close at $2.83 per share on April 17, 2013 on unusually heavy trading volume.
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