SAExploration Holdings, Inc.
(NASDAQ GS: SAEX)
Attention investors who purchased shares of SAExploration Holdings, Inc. between March 15, 2016 and August 15, 2019:
Rigrodsky & Long is investigating claims brought in a securities fraud class action complaint against SAExploration Holdings, Inc. ("SAExploration") concerning whether SAExploration and certain of the Company's directors and/or officers made materially false and misleading statements and failed to disclose materially adverse facts during the period March 15, 2016 and August 15, 2019, inclusive (the "Class Period"), concerning SAExploration's business, operations and prospects. These misrepresentations and omissions artificially inflated the price of SAExploration's stock throughout the Class Period.
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of Texas on behalf of all persons or entities that purchased the common stock of SAExploration Holdings, Inc. (“SAExploration” or the “Company”) (NASDAQ GS: SAEX) between March 15, 2016 and August 15, 2019, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of SAExploration during the Class Period, or purchased shares prior to the Class Period and still hold SAExploration, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at firstname.lastname@example.org, or at http://rigrodskylong.com/contact-us/.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public 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. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on August 15, 2019, the Company announced in a press release that the SEC was conducting into certain accounting matters that arose in 2015-2016. The Company also announced that it 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 Defendant Hastings had been placed on administrative leave and resigned as Chairman, and that Defendant Whiteley had been terminated.
On this news, shares of SAExploration fell over 31%, closing at $2.22 per share on August 16, 2019, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than October 17, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
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