LOS ANGELES, Aug. 23, 2017 /PRNewswire/ -- Lundin Law PC, a shareholder rights firm, announces the filing of a class action lawsuit against GlobalSCAPE, Inc. ("GlobalSCAPE" or the "Company") (NYSE MKT: GSB) concerning possible violations of federal securities laws between January 26, 2017 and August 7, 2017, inclusive (the "Class Period"). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the October 10, 2017 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or e-mail him at [email protected].
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, throughout the Class Period, GlobalSCAPE made false and/or misleading statements and/or failed to disclose: that the Company overstated the reported amounts of accounts receivable as of December 31, 2016, and license revenue for the three months and year ended December 31, 2016, by approximately $403,000 and $396,000, respectively, resulting in the overstatement of the Company's revenues for those periods by the same amounts; that GlobalSCAPE's total current assets and total assets were overstated by $292,000; that the Company's total stockholder equity and total liabilities and stockholders' equity were overstated by $217,000 and $292,000, respectively; that GlobalSCAPE lacked adequate internal controls over financial reporting; and that as a result of the above, the Company's publicly disseminated financial statements were materially false and misleading. Upon release of this information, shares of GlobalSCAPE fell in value materially, which caused investors harm according to the Complaint.
Lundin Law PC was founded by Brian Lundin, Esq., a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
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SOURCE Lundin Law PC