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Thursday, April 4, 2013
Harvest Natural Resources is being investigated by shareholder rights firm Robbins Arroyo LLP. The investigation revolves around whether the company breached their fiduciary duties to shareholders. The law firm is investigating whether Harvest Natural’s financial reporting for the fiscal years of 2010, 2011, and 2012 were false and misleading.
On March 18 Harvest Natural reported that it would be unable to timely file its Annual Report for the fiscal year ended December 31, 2012. During the preparation of the company’s financial statements, Harvest Natural identified errors that require the company to revise and possibly restate its financial statements for certain periods in 2010, 2011, and 2012. Further, Harvest Natural disclosed that, because of its liquidity position, its auditors would include a “going concern qualification” in their opinion. On this news, Harvest Natural’s stock declined 33%, to close at $3.70 per share on March 19, 2013.
In addition to investigating the potentially false and misleading statements, Robbins Arroyo LLP is also reviewing whether certain of Harvest Natural’s officers and directors failed to implement adequate internal controls to ensure proper accounting.
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