SOURCE: Izard Nobel LLP

April 17, 2012 17:09 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Hyperdynamics Corporation

WEST HARTFORD, CT--(Marketwire - Apr 17, 2012) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of Texas on behalf of purchasers of the publicly traded securities of Hyperdynamics Corporation ("Hyperdynamics" or the "Company") (NYSE: HDY) between February 17, 2011 and February 15, 2012, inclusive (the "Class Period"). Also included are those who purchased Hyperdynamics common stock in a Secondary Offering on or about March 25, 2011.

The Complaint alleges that Hyperdynamics, an independent oil and gas exploration company engaged in the development of prospects offshore the Republic of Guinea ("Guinea") in West Africa, and certain of its officers and directors violated the federal securities laws. Specifically, defendants concealed the following facts from the investing public during the Class Period: (i) due to numerous cost overruns and delays, including logistical delays resulting from limited port facilities in Guinea as well as issues related to mechanical and operational matters surrounding the drilling of the Sabu-1 well, the Company would be unable to commence drilling on the Baraka-1 well; (ii) Hyperdynamics had far greater exposure to liquidity concerns than it had previously disclosed; and (iii) 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.

If you are a member of the class, you may, no later than June 4, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/hyperdynamics/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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