NEW YORK, Aug. 20, 2019 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of Texas on behalf of all investors that purchased SAExploration, Inc. (the “Company”) (NASDAQ: SAEX) securities between March 15, 2016 and August 15, 2019 (the “Class Period”), inclusive.
Investors who purchased the shares of SAExploration, Inc. are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of SAExploration, Inc., you may, no later than October 17, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in SAExploration, Inc.
The filed complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
- the company improperly did not classify Alaska Seismic Ventures, LLC (“ASV”) as a variable interest entity;
- the company had a controlling financial interest in ASV, which required the company to consolidate ASV in its financial statements;
- the company had deficient internal controls over financial reporting;
- these practices were likely to lead to an investigation of the company by the United States Securities and Exchange Commission (“SEC”);
- SAExploration would be forced to delay the filing of its quarterly report for the quarter ended June 30, 2019; and
- 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.
On August 15, 2019, SAExploration revealed that certain accounting matters that arose in 2015 and 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 SEC Form 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 share price fell over 33% on August 16, 2019, closing at $2.22 per share.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
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