Houston American Faces Shareholder Suit Over Stock Plunge

Law360, New York (April 30, 2012, 6:49 PM EDT) -- A shareholder hit Houston American Energy Corp. and its two top executives on Friday with a proposed class action claiming their false statements and omissions caused stock in the oil and gas company to trade at artificially inflated prices that have since tumbled twice this year.

The suit, filed in Texas federal court, comes on the heels of an April 19 announcement that the company was being investigated by the U.S. Securities and Exchange Commission for possible securities violations, after the company halted exploration of a Colombian well. ...
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