NEW YORK, May 4, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Harvest Natural Resources, Inc. ("Harvest" or the "Company") (NYSE: HNR).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Harvest had incorrectly capitalized lease maintenance costs and internal selling, general and administrative costs; (2) the Company had improperly reported cash flow items and caused long-lived assets to be impaired; (3) Harvest was unable to sell its interests in Petrodelta S.A. to PT Pertamina (Persero); and (4) Harvest lacked adequate internal and financial controls.
On March 19, 2013, Harvest revealed that there were serious material errors in the Company's financial statements. As a result of these errors, the Company announced it would revise its financial statements for periods in 2010, 2011 and 2012. On this news, Harvest's share price declined by more than 32%, to close at $3.70 per share on March 19, 2013.
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If you invested in Harvest stock or options between May 7, 2010 and March 19, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/HNR. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected] or [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Harvest's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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