Federman & Sherwood Obtains Fifth Circuit Reversal in Oil & Gas Securities Lawsuit

On September 20, 2012, Federman & Sherwood was appointed by a United States District Judge for the Southern District of Texas as Co-Lead Counsel in the securities litigation entitled In re Houston American Energy Corp. Securities Litigation, Case No. 4:12-CV-01332.  In this action, investors brought claims against Houston American, and certain of its officers and directors, claiming that Defendants had misrepresented the amount of oil and gas in, and prospects of success of, an oil and gas concession located in Columbia.  After briefing by both sides, the federal district court dismissed the lawsuit in its entirety.  The investors appealed this decision in the United States Court of Appeals for the Fifth Circuit.  Represented by Federman & Sherwood, the investor plaintiffs convinced the Fifth Circuit that they had satisfactorily alleged in the lower court that investors had suffered damages as a result of the materially false and/or misleading statements made by Defendants to investors and the stock market.  On July 15, 2014, the Court of Appeals reversed the lower court's decision in its entirety, and remanded the case back to the lower court for further consideration and proceedings.  To review the entire Opinion entered by the Court of Appeals, please click here.

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