LOS ANGELES, Oct. 09, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming October 17, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of SAExploration Holdings, Inc. (“SAExploration” or the “Company”) (NASDAQ: SAEX) investors who purchased securities between March 15, 2016 and August 15, 2019, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.
On August 15, 2019, SAExploration revealed that certain accounting matters that arose in 2015-2016 were under investigation by the SEC. The Company stated that they would restate its previously issued financial statements for fiscal years 2015 through 2018 and delay filing its 10-Q for the quarter ended June 30, 2019. The Company’s Chief Executive Officer was placed on administrative leave, and its Chief Financial Officer was terminated from his position.
On this news, the Company’s share price fell $1.13 per share, or over 34%, to close at $2.14 per share on August 16, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company improperly did not classify Alaska Seismic Ventures, LLC ("ASV") as a variable interest entity; (2) that the Company had a controlling financial interest in ASV, which required the Company to consolidate ASV in its financial statements; (3) that the Company had deficient internal controls over financial reporting; (4) that these practices were likely to lead to an investigation of the Company by the SEC; (5) that SAExploration would be forced to delay the filing of its quarterly report for the quarter ended June 30, 2019; and (6) that as a result, Defendants' statements about SAExploration's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired SAExploration securities during the Class Period you may move the Court no later than October 17, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com