NEW YORK, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against SAExploration Holdings, Inc. (“SAExploration” or the “Company”) (Nasdaq: SAEX) in the United States District Court for the Southern District of Texas on behalf of those who purchased or acquired the securities of SAExploration between March 15, 2016 through August 15, 2019, inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
The Complaint alleges that Defendants 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; (v) SAExploration would be forced to delay the filing of its quarterly report for the quarter ended June 30, 2019; and (vi) 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.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the October 17, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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