SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

May 21, 2012 13:28 ET

The Law Firm of Levi & Korsinsky Notifies Investors With Losses on Their Investment in Hyperdynamics Corporation of Class Action Lawsuit and the Deadline of June 1, 2012 to Seek a Lead Plaintiff Position

NEW YORK, NY--(Marketwire - May 21, 2012) - Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas, Houston Division on behalf of investors who purchased Hyperdynamics Corporation ("Hyperdynamics" or the "Company") (NYSE: HDY) stock between February 17, 2011 and February 15, 2012.

For more information, click here: http://zlk.9nl.com/HDY. There is no cost or obligation to you.

The complaint alleges that defendants concealed the fact that due to numerous cost overruns and logistical delays, as well as mechanical and operational issues in connection with the spudding of its Sabu-1 well, the Company could not begin drilling on the Baraka-1 well. Furthermore, despite its public statements to the contrary, Hyperdynamics did not possess adequate funds to drill both wells. On January 30, 2012, Hyperdynamics announced that due to higher than anticipated drilling costs at the Sabu-1 well, the Company announced plans to raise $30 million through a common stock offering. On this news, Hyperdynamics stock declined $0.77 per share to close at $2.60 per share on January 30, 2012. Then, on February 15, 2012, the Company announced disappointing results from the Sabu-1 exploration well, reporting only non-commercial quantities of oil present. In reaction, Hyperdynamics stock dropped $0.58 per share to close at $1.44 per share.

If you suffered a loss in Hyperdynamics, you have until June 1, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/HDY.

Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information

  • CONTACT:
    Levi & Korsinsky, LLP
    Joseph Levi, Esq.
    Eduard Korsinsky, Esq.
    30 Broad Street - 24th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (212) 363-7171
    www.zlk.com