NEW YORK, April 18, 2014 /PRNewswire/ -- Pomerantz LLP announces the filing of a class action lawsuit against Global Geophysical Services, Inc. ("Global" or the "Company")(NYSE: GGS) and certain of its officers. The class action, filed in United States District Court, Southern District of Texas, and docketed under 14-cv-0735, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Global between February 7, 2011 and March 17, 2014, both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Global securities during the Class Period, you have until May 19, 2014, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Global and its subsidiaries provide an integrated suite of seismic data solutions to oil and gas exploration and production companies worldwide. The Company's seismic data solutions primarily include seismic data acquisition, microseismic monitoring, data processing, and interpretation services, which deliver data that enables the creation of high resolution images of the earth's subsurface, and reveals complex structural and stratigraphic details. It offers seismic data acquisition for land, transition zone, and shallow marine areas, including marshes, forests, jungles, arctic climates, mountains, and deserts.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, prospects and performance. Specifically, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) for the years 2009 through the first three quarters of 2013, the Company's financial statements contained material misstatements and required restatement; (ii) the Company improperly recognized revenues during the relevant period; (iii) there were material weaknesses in the Company's internal controls; and (iv) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
On March 17, 2014, the Company announced in a press release that its financial statements and related auditors' reports for the fiscal years ended December 31, 2012, 2011, 2010, and 2009, and the first, second and third quarters of 2013 should no longer be relied upon because of accounting errors resulting from material weaknesses in the Company's internal controls.
Global further announced that it would conduct a thorough review of its financial statements from the foregoing years, and restate its consolidated financial statements from 2011 onward, as well as selected financial data for the 2009 and 2010 fiscal years in its 2013 Annual Report on Form 10-K (2013 Annual Report).
On this news, shares of Global fell $0.71 to $0.46, or more than 60.68%, on unusually heavy trading volume, on March 18, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.
Robert S. Willoughby
SOURCE Pomerantz LLP