SOURCE: Brower Piven, A Professional Corporation

April 11, 2012 15:17 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $300,000 From Investment in Hyperdynamics Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the June 4, 2012 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Apr 11, 2012) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas on behalf of purchasers of the securities of Hyperdynamics Corporation ("Hyperdynamics" or the "Company") (NYSE: HDY) during the period between February 17, 2011 and February 15, 2012, inclusive (the "Class Period").

If you have suffered a net loss for all transactions in Hyperdynamics securities during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than June 4, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that: (a) due to numerous cost overruns and delays, including logistical delays resulting from limited port facilities in the Republic of Guinea in West Africa as well as issues related to mechanical and operational matters surrounding the drilling of its Sabu-1 well, the Company would be unable to commence drilling on its Baraka-1 well; (b) the Company had far greater exposure to liquidity concerns than it had previously disclosed (i.e., Hyperdynamics did not have sufficient funds to be able to drill both the Sabu-1 well and the Baraka-1 well); and (c) based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's drilling operations or the prospective value of the Company's oil and gas concessions. According to the complaint, the value of Hyperdynamics shares declined significantly after the Company announced on February 15, 2012 disappointing results from its Sabu-1 exploration well, reporting that the Sabu-1 well was unsuccessful because the Company only encountered non-commercial quantities of oil from its exploration activities.

If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact