PHILADELPHIA, April 4, 2014 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. announces that the firm filed a class action lawsuit against Global Geophysical Services, Inc. (NYSE:GGS) (NYSE:GGS-PA) on behalf of investors who purchased or acquired Global Series A preferred stock either in or traceable to, Global's December 3, 2013 registration statement (the "Registration Statement") for an underwritten offering (the "Offering" and the "Offering Class"). The lawsuit seeks remedies under the federal securities laws.
To join the GGS class action, go to the website at http://www.bernardmgross.com or call Susan Gross, Esq. or Debbie Gross, Esq. toll-free at 866-561-3600 or email susang@bernardmgross.com or debbie@bernardmgross.com or jen@bernardmgross.com for information on the class action. The lawsuit is pending in the U.S. District Court for the Southern District of Texas, Civil Action No. 14cv00873.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
Less than four months after the offering, on March 25, 2014, Global filed for bankruptcy protection. Previously March 17, 2014 Global announced it was restating its annual financial statements for the years ended December 31 2009, 2010, 2011, and 2012, as well as its quarterly statements for the first three quarters of 2013. For the three months ended September 30, 2013, the most recent quarterly filing, Global announced that it would restate its financial statements to decrease revenues by $5.0 million. The restatement indicates that Global's prior financial statements for these periods were materially inaccurate. On March 18, 2014, Global filed a Form 8-K with the SEC, concerning the restatement. The March 17 and 18 announcements shocked the market, Global's stock's trading price fell from a close of $1.17 on March 17 to $0.46 on March 18, a decline of $0.71, or 61%, damaging investors. That same day, the trading price of Global's preferred stock fell from $16.95 to $4.06, or 76%, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than May 19, 2014. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact, Susan Gross, Esq. or Debbie Gross, Esq. toll-free at 866-561-3600 or email susang@bernardmgross.com or debbie@bernardmgross.comr or jen@bernardmgross.com for information on the class action. Law Offices Bernard M. Gross represents investors concentrating its practice in securities class actions and shareholder derivative litigation.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
| PLEASE CONTACT: | Law Offices Bernard M. Gross, P.C. |
| Susan R. Gross, Esq. | |
| Deborah R. Gross, Esq. | |
| Telephone: 866-561-3600 (toll free) or 215-561-3600 | |
| E-mail: | susang@bernardmgross.com or |
| debbie@bernardmgross.com | |
| Website: | http://www.bernardmgross.com |