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Case Status:    ONGOING    
On or around 12/04/2013 (Ongoing date of last review)

Filing Date: March 22, 2013

According to the law firm press release, Harvest Natural is an independent energy company engaged in the acquisition, development, production and disposition of oil and natural gas properties. The Company is focused on the exploration of oil and gas fields in known hydrocarbon basins worldwide.

The Complaint alleges that throughout the Class Period, Defendants issued a series of materially false and misleading statements regarding the Company's revenues and operations. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company incorrectly capitalized certain lease maintenance costs and certain internal selling, general and administrative costs; (2) the Company improperly presented certain cash flow items and caused certain long-lived assets to be impaired; (3) the Company was unable to sell its interests in
Petrodelta S.A. to PT Pertamina (Persero); (4) the Company lacked adequate internal and financial controls; and (5) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times. As a result
of Defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, Plaintiff and other Class members have suffered significant losses and damages.

On February 20, 2013, the Company disclosed the termination of the Share Purchase Agreement between PT Pertamina (Persero) and HNR Energia B.V., a wholly-owned subsidiary of Harvest Natural. On this news, Harvest Natural securities declined $3.71 per share or 40.5%, to close at $5.45 per share on February 20, 2013.

On March 19, 2013, the Company disclosed that there were certain errors in its financial statements related to, among others, the capitalization of certain lease maintenance costs and certain internal selling, general and administrative costs. In addition, the Company disclosed that it had determined that a material weakness existed in its controls over the accuracy and presentation of its accounting for certain long-lived assets. As a result, the Company would be required to "revise and possibly restate its financial statements for certain periods in 2010, 2011 and 2012." On this news, Harvest Natural securities plummeted $1.79 per share or more than 32%, to close at $3.70 per share on March 19, 2013.

On April 15, 2013, the Court issued an Order consolidating cases. Another two separate Orders consolidating cases followed three days later. On May 1, another Order was issued consolidating cases. The Lead Case in the consolidated action continues to be Civil Action 13-801, John Phillips, et al. v. Harvest Natural Resource, et al. On June 28, the Lead Plaintiffs filed an amended and consolidated complaint.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil & Gas Operations
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: HNR
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Texas
DOCKET #: 13-CV-00801
JUDGE: Hon. Lynn N. Hughes
DATE FILED: 03/22/2013
CLASS PERIOD START: 05/07/2010
CLASS PERIOD END: 03/18/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Watkins, Nichols, Sorrels, Agosto & Friend
    800 Commerce Street, Abraham, Watkins, Nichols, Sorrels, Agosto & Friend, TX 77002
    713-222-7211 713-225-0827 ·
  2. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: S.D. Texas
DOCKET #: 13-CV-00801
JUDGE: Hon. Lynn N. Hughes
DATE FILED: 06/28/2013
CLASS PERIOD START: 03/16/2011
CLASS PERIOD END: 03/18/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Watkins, Nichols, Sorrels, Agosto & Friend
    800 Commerce Street, Abraham, Watkins, Nichols, Sorrels, Agosto & Friend, TX 77002
    713-222-7211 713-225-0827 ·
  2. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date