SAExploration Holdings, Inc. (NASDAQ: SAEX) Investor Securities Class Action Lawsuit 08/19/2019

If you purchased a significant amount of shares of SAExploration Holdings, Inc. (NASDAQ: SAEX) between March 15, 2016 and August 15, 2019, and / or if you purchased any NASDAQ: SAEX shares prior to March 2016 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: October 17, 2019. NASDAQ: SAEX investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
SAExploration Holdings
Case Name: 
SAExploration Holdings Shareholder Class Action Lawsuit 08/19/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: SAEX
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/19/2019
Class Period Begin: 
03/15/2016
Class Period End: 
08/15/2019
Court of Filing: 
U.S. District Court for the Southern District of Texas
Deadline To File for Lead: 
10/17/2019
Summary: 

An investor in shares of SAExploration Holdings, Inc. (NASDAQ: SAEX) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by SAExploration Holdings, Inc. in connection with certain allegedly false and misleading statements made between March 15, 2016 and August 15, 2019.

Houston, TX based SAExploration Holdings, Inc. provides seismic data acquisition, logistical support, and processing and integrated reservoir geosciences services in North America, South America, the Asia Pacific, and West Africa. On August 15, 2019, SAExploration announced that the SEC was conducting an investigation into certain accounting matters that arose in 2015-2016. The Company also announced that, due to a re-evaluation of its relationship with Alaska Seismic Ventures, LLC, it would restate its previously issued financial statements for fiscal years 2015 through 2018 and delay filing its 10-Q for the quarter ended June 30, 2019. Shares of SAExploration Holdings, Inc. (NASDAQ: SAEX) declined from $53.80 per share on July 2018 to as low as $1.89 per share on August 16, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of SAExploration Holdings, Inc. (NASDAQ: SAEX) common shares between March 15, 2016 and August 15, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 15, 2016 and August 15, 2019, the defendants made false and/or misleading statements and/or failed to disclose that the Company improperly did not classify Alaska Seismic Ventures, LLC ("ASV") as a variable interest entity, that the Company had a controlling financial interest in ASV, which required the Company to consolidate ASV in its financial statements, that the Company had deficient internal controls over financial reporting, that these practices were likely to lead to an investigation of the Company by the SEC, that SAExploration would be forced to delay the filing of its quarterly report for the quarter ended June 30, 2019, and that 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.