LOS ANGELES, Sept. 17, 2019 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against SAExploration Holdings, Inc. (“SAExploraton” or “the Company”) (NASDAQ: SAEX) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares between March 15, 2016 and August 15, 2019, inclusive (the ''Class Period''), are encouraged to contact the firm before October 17, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at firstname.lastname@example.org.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. SAExploration failed to properly classify Alaska Seismic Ventures, LLC (“ASV”) as a variable interest entity. Because the Company had a controlling financial interest in ASV, it was required to consolidate ASV into its financial reporting. In fact, SAExploration suffered from materially deficient controls over financial reporting, which was likely to lead to an SEC investigation. The Company was forced to delay the filing of its quarterly report for the period ending June 30, 2019. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about SAExploration, investors suffered damages.
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