BOSTON, March 19, 2014 /PRNewswire/ -- Shares in Global Geophysical Services, Inc. ("Global" or the "Company") (NYSE: GGS) fell by 60 percent after the provider of seismic data to energy companies announced that its financial statements for each of its fiscal years dating back to 2009, plus the first three quarters of 2013 "should no longer be relied upon because of accounting errors resulting from material weaknesses in the company's internal controls."
Global has also indicated that its restatement for the fiscal year 2011 would result in a decrease in revenue of $4.8 million. As such, the Company's restated revenues could exacerbate liquidity issues for Global, as the Company currently is servicing $330.2 million in debt compared to total available liquidity of $16.8 million. The Company has reported that it is currently reviewing financial and strategic alternatives with its advisors, Evercore Group and Alvarez & Marsal North America.
Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, is investigating whether the Company and certain of its officers and directors have violated the federal securities law in connection with their accounting practices and internal controls.
If you purchased Global stock and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorneys Steven P. Harte or Mark Delaney of Block & Leviton LLP at (617) 398-5600 or at Steven@blockesq.com or Mark@blockesq.com. Confidentiality to any whistleblowers or other persons with information relevant to the investigation is assured.
Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 75 years.
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SOURCE Block & Leviton LLP