Magnum Hunter Resources
Corporation MHR (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) (NYSE MKT:
MHR.PRE) (the "Company" or "Magnum Hunter") announced today that, on June
22, 2015, the 125(th) District Court of Harris County, Texas dismissed the
last remaining stockholder derivative case against certain of the Company's
officers and directors. As previously announced by the Company, a series of
stockholder derivative cases were filed against certain of the Company's
officers and directors alleging certain breaches of fiduciary duties and
other matters in connection with the dismissal by the Company of its
independent registered public accounting firm in spring 2013. With this
dismissal, the Company and the individual defendants have now been
successful in defending all of the derivative cases. In addition, as
previously reported by the Company in its public filings with the Securities
and Exchange Commission, all of the class action complaints previously filed
against the Company and certain of its officers relating to, among other
things, such allegations have also been dismissed. Accordingly, all of the
shareholder lawsuits relating to these allegations have now been dismissed,
and no cash settlements of any form have been paid by the Company or any of
the Company's insurance carriers in connection with these lawsuits.
Management Comments
Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of
Magnum Hunter, commented, "Our Board of Directors is very pleased to put
these shareholder lawsuits behind us. The plaintiffs brought their claims
before nine different judges in seven different courts. Every single one of
these judges who considered the plaintiffs' allegations agreed with us that
the claims should be dismissed. While this has been a time consuming
process, we held our ground and resolved each and every lawsuit without any
payments to plaintiffs. All litigation expenses for shareholder lawsuits,
other than insurance policy retention amounts, have been covered by our
insurance policies."
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