Seismic Data Co. To Pay $3.5M To Exit Investors' Fraud Suit

Law360 (February 9, 2021, 2:13 PM EST) -- An oilfield services company that specializes in providing seismic data has agreed to pay $3.5 million to end a proposed class action accusing it of misleading investors and causing stock prices to plummet by allegedly concealing fraudulent activity that inflated the company's value.

Lead plaintiffs Tony Tep and Amrit Kumar asked a Texas federal court Monday to grant preliminary approval to a settlement reached with SAExploration Holdings Inc. as well as certification for purposes of the deal for a class that is estimated to include hundreds of thousands of stockholders. The arrangement would bring an end to allegations that stockholders lost...

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