Defendant Name: Hyperdynamics Corporation

Defendant Type: Public Company
SIC Code: 1311
CUSIP: 44895420

Initial Case Details

Legal Case Name In the Matter of Hyperdynamics Corporation
First Document Date 29-Sep-2015
Initial Filing Format Administrative Action
File Number 3-16843
Allegation Type Issuer Reporting and Disclosure

Violations Alleged

Exchange Act
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)

Resolutions

First Resolution Date 29-Sep-2015
Headline Total Penalty and Disgorgement $75,000

Related Documents:

34-76006 29-Sep-2015 Administrative Proceeding
Order Instituting Cease and Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On September 29, 2015, the SEC instituted settled cease and desist proceedings against Hyperdynamics Corporation. According to the SEC: "Hyperdynamics failed to accurately record certain payments made by its subsidiary based in the Republic of Guinea. The company initially recorded the payments a public relations and lobbying expenses to unrelated third parties without evidence that such services were actually performed. The company later determine that its Guinean-based employee controlled the third party entities, but did not record the payments as related party transactions." The SEC also alleged that Hyperdynamics failed to implement or maintain a system of adequate internal accounting controls.