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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of June 24, 2021 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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Lawsuit Overview
Settlement Overview
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January 15, 2021 - A stipulation of settlement was filed by the parties.
September 2, 2020 - The court issued an order staying the case after the defendants filed a bankruptcy petition.
July 15, 2020 - An amended complaint was filed.
August 18, 2019 - An investor in shares of SAExploration Holdings, Inc. (NASDAQ: SAEX) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by SAExploration Holdings, Inc. in connection with certain allegedly false and misleading statements made between March 15, 2016 and August 15, 2019.
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.
According to the complaint the plaintiff alleges on behalf of purchasers of SAExploration Holdings, Inc. (NASDAQ: SAEX) common shares between March 15, 2016 and August 15, 2019, that the defendants violated Federal Securities Laws.
More specifically, 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.