Welcome!

News Feed Item

Cohen, Placitella & Roth, PC Investigating Global Geophysical Services, Inc. for Issuing False and Misleading Statements Concerning the Company's Financial Performance

PHILADELPHIA, March 28, 2014 /PRNewswire/ -- Cohen, Placitella & Roth, PC is investigating claims on behalf of investors who purchased: (1) Global Geophysical Services, Inc. common stock ("Global" or the "Company") (NYSE:GGS) between April 21, 2010 and February 18, 2014, inclusive ("Class Period") for violations of Sections 10(b) and 20(a) under the Securities Exchange Act of 1934; and (2) Global Series A preferred stock (NYSE:GGS-PA) in or traceable to Global's December 3, 2013 Registration Statement for violation of Sections 11 and 15 of the Securities Act of 1933. The investigation concerns whether Global and certain of its officers disseminated material false and/or misleading information in financial statements publicly disseminated in violation of the federal securities laws.

Global is a Texas corporation headquartered in Missouri City, Texas. Global and its subsidiaries purport to provide an integrated suite of seismic data solutions to the oil and gas industry worldwide. The Company states that its seismic data solutions consist 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 reveal complex structural and stratigraphic details.

During the Class Period, Defendants allegedly made false and/or misleading statements, and failed to disclose that; (i) for years 2009, 2010, 2011 2012 and the first three quarters of 2013, the Company's financial statements contained material misstatements that require restatement; (ii) the Company improperly recognized revenues during the relevant period; (iii) there were material weaknesses in the internal controls of the Company; and (iv) as a result of the foregoing, the Company's financial statements were materially false and misleading at the time they were issued and during the Class Period..

The accounting errors to be addressed in the restatements relate primarily to the following: (a) misapplication of a method of revenue recognition for certain contracts in the Latin America region, resulting in misallocation of revenue and costs between periods; (b) research and development costs that were inappropriately capitalized rather than expensed; (c) unrecorded sales and use tax liabilities; (d) unrecorded gains associated with insurance proceeds received in excess of the net book value of the insured assets during the third quarter of 2013; and (e) unrecorded stock based compensation expense associated with performance units granted during the third quarter of 2013.

On March 17, 2014, the Company issued a press release announcing that its financial statements and related auditor 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.

On this news, shares of Global fell from $0.71 to $0.46 per share, or more than 60%, on unusually heavy trading volume, on March 18, 2014.

If you have any information on the ineffectiveness of the Company's internal control over financial reporting or the restatement or you wish to discuss your rights related to a loss in your investment in Global, please contact Eduardo A. Texidor, Jr. at [email protected] or, toll free, at 1-888-375-7600. For those investors inquiring via email, please be sure to include "Global Geophysical Services" in the subject line, the number of shares purchased, and your mailing address and telephone number.

Since 1973, Cohen, Placitella & Roth, PC has been recognized as one of the premier trial law firms in the country. The firm has extensive experience in prosecuting securities litigation involving violations of the federal securities laws, state law derivative actions and mergers and acquisitions cases, representing institutional investors such as public pension plans and union pension funds as well as individual shareholders suffering substantial investment losses due to corporate misconduct. LexisNexis Martindale-Hubbell® annually reports Cohen, Placitella & Roth's peer rating-the highest AV® - "a testament to professional excellence." Since the inauguration of its "Best Law Firms"' edition in 2010, U.S. News and World Report has annually listed Cohen, Placitella & Roth's as one of the top-tier class action law firms in the country.

Contact:
Eduardo A. Texidor, Jr.
Cohen, Placitella,and Roth, PC
Toll free: 1-888-375-7600
[email protected]
www.cprlaw.com

SOURCE Cohen, Placitella & Roth, PC

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 21st Int\ernational Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their ...
We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA
"We are a monitoring company. We work with Salesforce, BBC, and quite a few other big logos. We basically provide monitoring for them, structure for their cloud services and we fit into the DevOps world" explained David Gildeh, Co-founder and CEO of Outlyer, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, Doug Vanderweide, an instructor at Linux Academy, discussed why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers wit...
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara California. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infras...
The financial services market is one of the most data-driven industries in the world, yet it’s bogged down by legacy CPU technologies that simply can’t keep up with the task of querying and visualizing billions of records. In his session at 20th Cloud Expo, Karthik Lalithraj, a Principal Solutions Architect at Kinetica, discussed how the advent of advanced in-database analytics on the GPU makes it possible to run sophisticated data science workloads on the same database that is housing the rich...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...