According to the law firm press release, Magnum Hunter Resources Corporation ("Magnum Hunter" or the Company) is an independent oil and gas company that engages in the acquisition, exploration, exploitation, development and production of crude oil, natural gas and natural gas liquids primarily in West Virginia, Ohio, Texas, Kentucky, North Dakota and Saskatchewan, Canada.

On April 16, 2013, Magnum Hunter disclosed that at the direction of the Audit Committee of the Company's Board of Directors, Magnum Hunter had dismissed its auditor, PricewaterhouseCoopers LLP (“PwC”), after PwC advised the Company of material weaknesses in the Company’s internal accounting controls. PwC identified certain issues that may have a material impact on the fairness or reliability of Magnum Hunter’s consolidated financial statements, including: (1) valuation of the Company’s oil and gas properties; (2) calculation of the Company’s oil and gas reserves; (3) the Company’s position with respect to certain tax matters; (4) the Company’s accounting of its acquisition of NGAS Resources, Inc.; and (5) the Company’s compliance with certain debt covenants.

As a result of this news, Magnum Hunter shares declined nearly 15%, or $0.49 per share, to close at $2.83 per share on April 17, 2013 on unusually heavy trading volume.

On May 16, 2013, the Court issued an Order consolidating cases. Another Order of consolidation was issued on June 25. On October 7, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated amended Complaint on November 20. Defendants filed a Motion to Dismiss the consolidated amended Complaint on January 15, 2014. On June 23, the Court issued an Order granting Defendants' Motion to Dismiss.

Lead Plaintiff filed a notice appealing the Court's Dismissal Order on July 22, 2014. The Court of Appeals affirmed the District Court's judgment on July 14, 2015.