STEVENSON, Md., May 12, 2014 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas on behalf of purchasers of Global Geophysical Services, Inc. ("Global" or the "Company") (PinkSheets:GEGSQ) (PinkSheets:GEGPQ) securities during the period between February 7, 2011 and March 17, 2014, inclusive (the "Class Period").
If you have suffered a loss from investment in Global securities purchased on or after February 7, 2011 and held through the revelation of negative information on March 17, 2014, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or financial obligation, click here: http://www.browerpiven.com/securitiesfraudcases.html.
You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616. Attorneys at Brower Piven together have more than a century of experience litigating securities and other class action cases.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 19, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that for the years 2009 through the first three quarters of 2013, the Company's financial statements contained material misstatements and required restatement because the Company improperly recognized revenues and because there were material weaknesses in the Company's internal controls.
According to the complaint, following the Company's March 17, 2014 announcement 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 and that it would 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, the value of Global shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland Charles J. Piven 410-415-6616