San Diego, CA -- (ReleaseWire) -- 07/31/2012 -- A current investor in NYSEAMEX:HUSA shares filed a lawsuit against members of the board of directors of Houston American Energy Corporation over alleged breaches of fiduciary duties in connection with certain financial statements.
Investors who are current long-term stockholders of shares of Houston American Energy Corporation (NYSEAMEX:HUSA), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that Houston American Energy Corporation allegedly failed to timely inform investors of its dismissal operations in Columbia. The plaintiff claims that Houston American Energy Corporation allegedly issued certain statements between March 29, 010 and April 18, 2012 that were false.
Then on March 1, 2012, Houston American Energy Corporation disclosed an update on drilling operations and on April 19, 2012 , Houston American Energy Corp (NYSE Amex: HUSA) announced that a determination has been made to cease efforts to test and complete the C7 and C9 formations in the Tamandua #1 sidetrack well. Houston American Energy said that despite favorable Logging-While-Drilling logs, cased-hole logs and mudlog shows, it was determined that continued investment in testing and completion is inadvisable at this time possibly due to formation damage while drilling.
The Company also confirmed that the Securities and Exchange Commission ("SEC") is conducting a non-public formal investigation into the Company. Pursuant to the investigation, in February and April of 2012, the Company received three subpoenas issued by the SEC. The subpoenas called for the testimony of the Company's chief executive officer and chief financial officer and the delivery of certain documents. The subpoenas were issued pursuant to a nonpublic formal order of private investigation issued by the SEC on March 1, 2011, which followed a nonpublic informal inquiry commenced by the SEC in October 2010. Although the Company cannot be certain of the scope of the investigation, the SEC is trying to determine whether there have been any violations of the federal securities laws.
AMEX:HUSA shares fell over $13 in early 2012 to as low as $0.80 per share in late July 2012.
On July 30, 2012, NYSEAMEX:HUSA shares closed at $0.86 per share, less than 5% of its current 52weekHigh of $20.19 per share.
Those who are current long-term stockholder of shares of Houston American Energy Corporation (NYSEAMEX:HUSA), have certain options and you should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego