Global Geophysical Services receives securities class action lawsuit

A law firm recently filed a securities class action lawsuit against a seismic data solutions company after shareholders alleged that federal securities law violations occurred.

The Rosen Law Firm noted that the litigation was filed against Global Geophysical Services, Inc., in the U.S. District Court for the Southern District of Texas. This includes all shareholders who acquired interests in the company during the class period between Dec. 3, 2013 and March 18, 2014.

Global Geophysical Services announced on March 18, 2014, that it needed to restate all annual financial statements for the years 2009 through 2012. Additionally, the financial statements for the first nine months of 2013 also will be altered. This would hurt revenue by approximately $5 million. When the company made the announcement, its stock dropped 61 percent, while its preferred stock price fell 76 percent.

It is an option for shareholders to become lead plaintiff in the case, as no class has been certified as of this time. It is important for those who are interested in the position to submit the necessary documentation in the court by May 19, 2014. However, this is not a mandatory action for anyone who wants to remain as an absent class member and take part in the case in that capacity.

For those who are interested in learning more about the case and how it may affect them, all questions can be forwarded to the law office. Both Phillip Kim and Jonathan Horne are available by telephone or email. There is also further information available on the law office's website.

Separate investigation begins
Another law office is looking into shareholders' claims against Global Geophysical Services for many of the previously mentioned reasons. This has the potential to become a class action claim in the future.

Levi and Korsinky, LLP, noted that it will seek to determine if Global Geophysical Services violated federal securities laws through the investigation. The company would not only be restating multiple years of financial statements of the previous years, but also all of the years beginning in 2001.

Any shareholders who are curious about the parameters of the investigation are welcome to speak with this law office. Eduard Korsinsky is the best person to contact, and he can be reached by telephone or email. Additionally, the law office's website provides more information on the process.