INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action Lawsuit Against SAExploration Holdings,...
August 19 2019 - 8:05PM
Business Wire
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
investigations@kmllp.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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190819005625/en/
Kirby McInerney LLP Thomas W. Elrod, Esq., (212) 371-6600
investigations@kmllp.com www.kmllp.com
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