Geospace Technologies Corporation (NASDAQ:GEOS) Investor Investigation Concerning Possible Securities Laws Violations Announced

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Company Name(s): 
Geospace Technologies
Affected Securities: 

An investigation on behalf of investors of Geospace Technologies Corporation (NASDAQ:GEOS) shares over potential securities laws violations by Geospace Technologies and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Geospace Technologies Corporation (NASDAQ:GEOS) concerning whether a series of statements by Geospace Technologies regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Houston, TX based Geospace Technologies Corporation designs and manufactures instruments and equipment used by the oil and gas industry to acquire seismic data in order to locate, characterize and monitor hydrocarbon producing reservoirs.

Geospace Technologies Corporation reported that its Total Revenue declined from $84.87 million for the 12 months that ended on September 30, 2015 to $62.06 million for the 12 months that ended on September 30, 2016 and that its Net Loss for those respective time periods increased from $32.64 million to $45.97 million.

On November 22, 2017, Geospace Technologies Corporation disclosed that on November 16, 2017 the Company's Audit Committee of the Board of Directors "on the recommendation of management, and after consultation with the Company's independent registered public accounting firm, BDO USA, LLP, concluded that the Company's audited consolidated financial statements for the fiscal years ended September 30, 2016 and 2015, and the related report of the Company's independent registered public accounting firm thereon, and the unaudited consolidated financial statements for quarters ended December 31, 2016, March 31, 2017 and June 30, 2017 should no longer be relied upon because of an accounting error." Furthermore, Geospace Technologies Corporation stated that "[t]he accounting error to be addressed in the restatement relates to an error made in the classification of inventories."

Shares of Geospace Technologies Corporation (NASDAQ:GEOS) closed on December 8, 2017 at $14.53 per share.