NEW YORK, Aug. 19, 2019 /PRNewswire/ -- Bragar Eagel & Squire, P.C. announces that a 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 (NASDAQ: SAEX) securities between March 15, 2016 and 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.
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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, SAExploration's share price fell over 33% on August 16, 2019, closing at $2.22 per share.
The complaint, filed August 18, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the company improperly did not classify Alaska Seismic Ventures, LLC ("ASV") as a variable interest entity; (2) the company had a controlling financial interest in ASV, which required the company to consolidate ASV in its financial statements; (3) the company had deficient internal controls over financial reporting; (4) these practices were likely to lead to an investigation of the company by the SEC; (5) SAExploration would be forced to delay the filing of its quarterly report for the quarter ended June 30, 2019; and (6) 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.
If you purchased SAExploration securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the SAExploration lawsuit, please go to https://bespc.com/saex. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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