NEW YORK, Sept. 11, 2019 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in SAExploration Holdings, Inc. (“SAExploration” or the “Company”)(NASDAQ:SAEX) of the October 17, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in SAExploration stock or options between March 15, 2016 and August 15, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/SAEX. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Southern District of Texas on behalf of all those who purchased SAExploration securities between March 15, 2016 and August 15, 2019 (the “Class Period”). The case, Bodin v. SAExploration Holdings, Inc. et al., No. 19-cv-03089 was filed on August 18, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
On August 15, 2019, the Company announced in a press release that the SEC was conducting an investigation into certain accounting matters that arose in 2015-2016. The press release also stated that the Company would restate its previously issued financial statements for fiscal years 2015- 2018 and delay filing its 10-Q for the quarter ended June 30, 2019. The Company further announced that it had placed CEO and Chairman Jeffrey Hastings on administrative leave, and had fired CFO and General Counsel Brent Whitely.
On this news, SAExploration’s share price fell causing harm to investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding SAExploration’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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