The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of Texas on behalf of those who acquired SAExploration Holdings, Inc. (“SAExploration” or the “Company”) (NASDAQ: SAEX) securities during the period from March 15, 2016 to August 15, 2019 (the “Class Period”). Investors have until October 17, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that SAExploration made false and/or misleading statements and/or failed to disclose that: (i) the Company improperly did not classify Alaska Seismic Ventures, LLC (“ASV”) as a variable interest entity; (ii) the Company had a controlling financial interest in ASV, which required the Company to consolidate ASV in its financial statements; (iii) the Company had deficient internal controls over financial reporting; (iv) these practices were likely to lead to an investigation of the Company by the SEC; and (v) SAExploration would be forced to delay the filing of its quarterly report for the quarter ended June 30, 2019.
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 it 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, SAExploration’s shares fell $1.03 per share, or 31.7%, to close at $2.22 on August 16, 2019.
If you acquired SAExploration securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190819005625/en/