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Lawsuit filed for Investors in shares in SAExploration Holdings, Inc. (NASDAQ: SAEX)

08-26-2019 09:28 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in SAExploration Holdings, Inc. (NASDAQ: SAEX) shares.

A lawsuit was filed on behalf of investors in SAExploration Holdings, Inc. (NASDAQ: SAEX) shares.

An investor, who purchased NASDAQ: SAEX shares, filed a lawsuit over alleged violations of Federal Securities Laws by SAExploration Holdings, Inc.

Investors who purchased shares of SAExploration Holdings, Inc. (NASDAQ: SAEX) 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 at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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.

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

Those who purchased shares of SAExploration Holdings, Inc. (NASDAQ: SAEX) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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