SAN FRANCISCO, Aug. 18, 2019 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP notifies investors in SAExploration Holdings, Inc. (NASDAQ: SAEX) of the firm’s investigation of disclosure violations.
If you invested in SAEX before August 16, 2019 and suffered losses or have information that may assist this investigation contact Hagens Berman:
https://www.hbsslaw.com/investor-fraud/SAEX
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
SAEX@hbsslaw.com.
The firm’s investigation concerns the propriety of SAEX’s financial reporting, specifically its revenue, accounts receivable, tax credits and other related matters.
On August 16, 2019, SAEX disclosed that the SEC had launched an investigation relating to the Company’s revenue recognition, accounts receivable, tax credits and other related matters. SAEX also announced that its Board had established a Special Committee to conduct an internal investigation into the matter as well.
In addition, SAEX admitted that all of its financial statements between 2015 through 2018 contained material errors, should no longer be relied upon, and must be restated. The Company admitted that it improperly failed to include the results of Alaska Seismic Ventures, an entity in which the Company had a controlling financial interest. As a result, the Company determined a material weakness exists in the Company’s internal control over financial reporting.
Finally, the Company announced that it had placed CEO Jeffrey Hastings on administrative leave, and had fired CFO and General Counsel Brent Whitely.
This news drove the price of SAEX shares sharply lower during intraday trading.
“We’re focused on investors’ losses and whether SAEX’s management was cooking the books,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding SAEX should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email SAEX@hbsslaw.com.
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Contact:
Reed Kathrein, 510-725-3000
