NEW YORK--(BUSINESS WIRE)--The law firm of Wohl & Fruchter LLP is investigating possible violations of federal securities laws by officers and directors of Global Geophysical Services, Inc. (GGS) (NYSE:GGS).
On March 17, 2014, GGS announced 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 because of accounting errors resulting from material weaknesses in the Company's internal controls. GGS 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 (2013 Annual Report).
As a result of these financial reporting issues, GGS indicated that it will not timely file its 2013 Annual Report.
Upon the above news, GGS has dropped over 55% in trading on March 18, 2014.
Persons with relevant information, and GGS shareholders with questions about this investigation, are invited to contact the attorney below, or our Firm by calling 866.833.6245.
Additional information is available on our website at: http://www.wohlfruchter.com/cases/ggs.
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Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
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