Dec. 18, 2012 (Shareholders Foundation) -- An investigation on behalf of investors of Harbinger Group Inc (NYSE:HRG) shares over potential securities laws violations by Harbinger Group Inc and certain of its directors and officers in connection certain financial statements was announced.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Harbinger Group Inc (NYSE:HRG) concerning whether a series of statements by Harbinger Group Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Harbinger Group Inc (NYSE:HRG) reported that its Total Revenue rose from over $3.22 billion for the 12 month period that ended Sept. 30, 2011 to over $3.3 billion for the 12 months period that ended on Sept. 30, 2012 and that its Net Income for the respective time periods increased from $42.06 million to $89.56 million.
Shares of Harbinger Group Inc (NYSE:HRG) grew from $4.62 per share in June 2012 to as high as $10.60 per share on December 11, 2012.
Then, on December 12, 2012, Harbinger Group Inc announced the commencement of a Secondary Common Stock Offering by selling stockholders and on December 13, 2012, announced the pricing of the Secondary Common Stock Offering.
Shares of Harbinger Group Inc (NYSE:HRG) dropped from $10.65 per share on Dec.12, 2012, to as low as $7.50 on Dec. 13, 2012.