Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Houston American Energy Corp.
Published on Friday, 04 May 2012 19:30 Written by TradersHuddle StaffWILMINGTON, Del.-( Business Wire )-
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of Texas on behalf of all persons or entities that purchased the securities of Houston American Energy Corporation (“HUSA” or the “Company”) (NYSE Amex: HUSA) between October 5, 2010 and April 19, 2012, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers and directors (the “Complaint”).
HUSA, a Delaware corporation headquartered in Houston, Texas, is an oils and gas exploration and production company operating in the Gulf Coast region, principally in Texas and Louisiana, and in Colombia, South America. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding its business operations, financial condition and prospects. Specifically, the Complaint alleges that defendants made materially false and misleading statements, and/or failed to disclose adverse material facts concerning the commercial viability of its Tamandua #1 oil and gas well in Colombia, and the well’s C7 and C9 formations.
According to the Complaint, on March 1, 2012, the Company announced delays in drilling the Tamandua #1 well, stating that further analysis of the well’s C7 and C9 formations would be disclosed upon availability. On this news, the price of HUSA’s stock dropped approximately 35%, from a close of $10.84 per share on February 29, 2012 (the day before the disclosure) to a close of $7.00 per share on March 1, 2012. According to the Complaint, on April 19, 2012, the Company announced that it was ceasing work on the C7 and C9 formations due to damage to the formations while drilling. The Company further announced that the United States Securities and Exchange Commission had commenced an informal investigation of the Company in October 2010, and that HUSA had been subpoenaed for the testimony from its Chief Executive Officer and Chief Financial Officer, as well as certain documents. On this news, the price of the Company’s stock declined an additional 36%, from a close of $3.49 per share on April 18, 2012 (the day prior to the disclosure) to a close of $2.25 per share on April 19, 2012, the day of the disclosure.
If you wish to serve as lead plaintiff, you must move the Court no later than June 26, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
Rigrodsky & Long, P.A.Scott J. Farrell, EsquirePeter Allocco888-969-4242516-683-3516Fax: firstname.lastname@example.org://www.rigrodskylong.com
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