Harvest Sued Over Scuttled $725M Venezuelan Asset Deal

Law360, New York (March 27, 2013, 4:24 PM EDT) -- Harvest Natural Resources Inc. was hit with a proposed class action Friday by shareholders accusing the Texas-based energy company of concealing its failed $725 million asset sale to Indonesian firm PT Pertamina and filing financial statements with errors over the past three years.

In a complaint filed in Texas federal court, shareholder John Phillips claimed that Harvest had not disclosed as recently as in a November quarterly report that it had failed to sell its stake in Venezuelan oil company Petrodelta SA to Pertamina. Harvest had...
To view the full article, register now.