Bankrupt Global Geophysical Accused Of Inflating Revenues

Law360, New York (April 04, 2014, 1:20 PM ET) -- The top executives of bankrupt seismic data provider Global Geophysical Services Inc. were hit with a putative class action in Texas federal court Thursday alleging they inflated the energy-focused company’s 2013 revenues before making a public offering in December.

Less than four months after the offering and just days before it filed for bankruptcy in March, the price of Global’s preferred stock dropped 76 percent after it announced it was restating its annual financial statements for the years 2009 to 2013, decreasing its revenues for the...
To view the full article, register now.