NEW YORK, April 27, 2012 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP has filed a federal securities class action (12-cv-01332) in the United States District Court, Southern District of Texas, on behalf of all persons who purchased Houston American Energy Corp. ("Houston American" or the "Company") (NYSE:HUSA) securities between March 29, 2010 and April 18, 2012, inclusive (the "Class Period"). This class action is brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against the Company and certain of its top officials.
Houston American explores for and produces natural oil and gas in the United States and South America. On March 1, 2012, the Company announced delays in drilling its Tamandua #1 well and claimed that further analysis of the well's C7 and C9 formations would be announced as soon as they were available. On this news, Houston American securities plummeted $3.84 per share or more than 35%, to close at $7.00 per share on March 1, 2012.
On April 19, 2012, the Company ceased "efforts to test and complete the C7 and C9 formations in the Tamandua #1 sidetrack well…due to formation damage while drilling." The Company also disclosed that the SEC is conducting a non-public formal investigation "to determine whether there have been any violations of the federal securities laws." Specifically, the Company received three SEC subpoenas in connection with an investigation that commenced in October 2010. The subpoenas call "for the testimony of the Company's chief executive officer and chief financial officer and the delivery of certain documents."
On these revelations, Houston American shares declined $1.24 or more than 35.5%, to close at $2.25 on April 19, 2012.
The Pomerantz Firm, with offices in New York and Chicago, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.
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