Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Houston American Energy Corp.
May 04 2012 - 7:28PM
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”).
If you purchased shares of Chelsea during the Class Period, or
purchased shares prior to the Class Period and still hold Chelsea
stock, and wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact
Scott J. Farrell, Esquire or Peter Allocco of Rigrodsky & Long,
P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888)
969-4242, by e-mail to info@rigrodskylong.com, or at:
http://www.rigrodskylong.com/investigations/houston-american-energy-corporation-husa.
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.
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