Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
The Settlement includes you, if you purchased (a) Global Geophysical Services Inc (NYSE: GGS) Stock during the period from February 22, 2012 through March 26, 2014, inclusive and/or (b) Global Geophysical Services Inc (NYSE: GGS) Series A preferred stock pursuant to or traceable to Global Geophysical Services Inc’s December 3, 2013 registration statement.
January 14, 2016 - The court held a final settlement hearing and approved the settlement, the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
October 6, 2015 - The court preliminarily approved the settlement.
September 1, 2015 - Parties filed a stipulation of settlement.
July 17, 2015 - The court denied defendants' motions to dismiss without prejudice.
March 1, 2015 - More defendants filed a motion to dismiss.
February 27, 2015 - Defendants filed motions to dismiss.
February 12, 2015 - The lead plaintiffs filed a second amended complaint.
November 24, 2014 - Defendants filed motion to dismiss.
October 8, 2014 - The lead plaintiffs filed an amended complaint.
July 14, 2014 - The lead plaintiffs and lead counsel were appointed.
May 19, 2014 - Lead plaintiff motions were filed.
May 15, 2014 - Cases were consolidated.
March 21, 2014 - Another investor filed a complaint.
March 20, 2014 - An investor in shares of Global Geophysical Services Inc (NYSE: GGS now trading on the OTC sheets as GEGSQ) filed a lawsuit in the U.S. District Court for the Southern District of Texas against Global Geophysical Services Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 21, 2010 through March 18, 2014.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Global Geophysical Services Inc (NYSE: GGS) between April 21, 2010 through March 18, 2014, and also on behalf of purchasers of Global Geophysical Services Inc's Series A preferred stock from December 3, 2013 through March 18, 2014, that Global Geophysical Services Inc violated Securities Exchange Act of 1934.
Global Geophysical Services Inc reported that its annual Total Revenue declined from $385.36 million in 2011 to $338.98 million in 2012 and that its Net Income of $5.66 million in 2011 declined to a Net loss of $13.33 million in 2012.
Shares of Global Geophysical Services Inc (NYSE: GGS) declined from $11.57 per share in early 2012 to $1.25 per share on March 17, 2014.
Then on March 18, 2014, Global Geophysical Services Inc announced that it is restating its annual financial statements for the years ended December 31 2009, 2010, 2011, and 2012, as well as its quarterly statements for the first three quarters of 2013.
Shares of Global Geophysical Services Inc (NYSE: GGS) declined to $0.463 per share on March 18, 2014.