Seismic Data Co. Under SEC Review Hit With Stock-Drop Suit

Law360 (August 19, 2019, 7:25 PM EDT) -- An oilfield services company that specializes in providing seismic data was hit with a stock-drop suit by a proposed class of investors on Sunday, three days after it announced the U.S. Securities and Exchange Commission was investigating its conduct in recent accounting matters.

SAExploration Holdings Inc. issued a press release last Thursday announcing not only the SEC investigation but also that the company had fired its chief financial officer and that its chief executive officer had been placed on administrative leave and resigned as chairman. SAE added in the release that it would be restating previously issued financial statements dating back...

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