The law firm of Wohl & Fruchter LLP is investigating possible violations
of federal securities laws by officers and directors of Hyperdynamics
Corporation (Hyperdynamics) (NYSE:HDY).
In 2006, Hyperdynamics entered into an agreement with the government of
Guinea under which it acquired an offshore oil and gas concession
On December 31, 2012, Hyperdynamics sold a 40% interest in the
Concession to Tullow Oil (Tullow). Pursuant to the sale, among other
things, Tullow paid $27 million to Hyperdynamics for reimbursement of
past costs, and agreed to pay Hyperdynamics' pro rata share of future
drilling costs for an exploration and appraisal well up to $100 million.
On April 1, 2013, Tullow became the operator of the Concession.
On September 30, 2013, Hyperdynamics announced it had received a
subpoena from the United States Department of Justice (DOJ) requesting
that Hyperdynamics produce documents relating to its business in Guinea.
The announcement stated that the DOJ is investigating whether
Hyperdynamics' activities in obtaining the Concession violated the U.S.
Foreign Corrupt Practices Act or U.S. anti-money laundring statutes.
On October 1, 2013, Reuters quoted Hyperdynamics' Chief Executive
Officer, Ray Leonard, as stating that the DOJ probe likely won't affect
Hyperdynamics' ability to explore the Concession.
In its Form 10-Q for the quarter ended December 31, 2013, filed on
February 7, 2014, Hyperdynamics disclosed that, in January 2014, it
received a subpoena from the Securities and Exchange Commission (SEC)
relating to its acquisition of the Concession.
On March 12, 2014, Tullow announced that the DOJ and SEC investigations
constituted a "force majeure" under its agreement with Hyperdynamics,
thereby allowing Tullow to suspend plans to start drilling a deepwater
well at the Concession on April 1, 2014. According to Tullow, it "cannot
proceed with its activities on the [Concession] until these [regulatory]
issues are resolved."
Upon the news of Tullow's suspension of its drilling plans in the
Concession, HDY stock dropped over 58% in trading on March 12, 2014.
Persons with relevant information, and HDY shareholders with questions
about this investigation, are invited to contact the attorney below, or
our Firm by calling 866.833.6245.
Additional information is available on our website at: http://www.wohlfruchter.com/cases/hdy.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from
fraud and other fiduciary breaches by corporate managers, as well as
other complex litigation matters. Please visit our website, www.wohlfruchter.com,
to learn more about our Firm, or contact one of our partners.
This release may be deemed to constitute attorney advertising.
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