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February 28, 2013
17:29 EDTMHRMagnum Hunter to delay filing Form 10-K
As previously disclosed in filings with the SEC, in October and November 2012, Magnum Hunter Resources identified material weaknesses in its internal controls over financial reporting in connection with its (i) lack of sufficient qualified personnel to design and manage an effective control environment, (ii) period-end financial reporting process and (iii) share-based compensation. The company devoted substantial time and effort to correcting the previously-filed financial statements and information that were impacted by these material weaknesses. Further, the company implemented, and continues to implement, measures that it believes will effectively address these weaknesses in the future. The implementation of these measures has entailed the substantial efforts of accounting staff and the use of external resources. Additionally, the company has devoted significant resources to preparing financial statements and information relating to the company and its subsidiaries for inclusion in the exchange offer for Senior Notes contemplated by the company's Registration Statement on Form S-4, which was declared effective by the SEC on February 7. The change in the company’s independent auditors, which occurred in July 2012, has resulted in a normal transition between accounting firms that has required the company to devote more resources to this transition. Therefore, additional internal controls and significant review of certain financial matters were required by the new auditors. The diversion of these resources has caused the company to be unable to compile all information necessary to prepare and file its Annual Report on Form 10-K for the year ended December 31, 2012 within the prescribed period (on or before March 1) without unreasonable effort or expense. The company anticipates that it will file its Annual Report on Form 10-K no later than March 18.
News For MHR From The Last 14 Days
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November 10, 2015
13:11 EDTMHRNYSE suspends Magnum Hunter trading, to commence delisting proceedings
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09:46 EDTMHRMagnum Hunter trading halted, pending news
09:29 EDTMHROn The Fly: Pre-market Movers
UP AFTER EARNINGS: SciClone Pharmaceuticals (SCLN), up 22%... Bellicum Pharmaceuticals (BLCM), up 10.4%... Canadian Solar (CSIQ), up 8%... Rackspace Hosting (RAX), up 8.9%... Opko Health (OPK), up 6%. ALSO HIGHER: Ocata Therapeutics (OCAT), up 88.3% after being acquired by Astellas Pharma (ALPMY)... Straight Path (STRP), up 8.1% after Nikos Hecht reports 9.2% passive stake in the company... TETRA Technologies (TTI), up 3.1% after being upgraded to Overweight from Neutral at JPMorgan. DOWN AFTER EARNINGS: ExOne (XONE), down 23.3%... Galena Biopharma (GALE), down 12.2%... MannKind (MNKD), down 8%... Jazz Pharmaceuticals (JAZZ), down 8.6%... Wayfair (W), down 1.9%... Gap (GPS), down 5.4%. ALSO LOWER: Magnum Hunter (MHR), down 30.8% after saying that factors raise substantial doubt about the company's ability to continue as a going concern... Barrett Business Services (BBSI), down 35.6% after receiving a letter from its independent auditor... Callon Petroleum (CPE), down 4.6% after its 12M share Spot Secondary priced at $8.40... Cyberark (CYBR), down 3.4% after being downgraded to Neutral from Buy at BofA/Merrill.
08:45 EDTMHRMagnum Hunter says 'substantial doubt' on ability to continue as going concern
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