SAEX INVESTOR UPDATE: SAEX Defaults Due To Accounting Errors, Investors With $50,000+ Losses Should Contact Firm

SAN FRANCISCO, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Hagens Berman reminds investors in SAExploration Holdings, Inc. SAEX of the securities class action, Bodin v. SAExploration Holdings, Inc. et al., No. 4:19-cv-03089, pending in the U.S. District Court for the Southern District of Texas.

If you invested in SAEX between March 15, 2016 and August 15, 2019 (the "Class Period") and suffered significant losses (in excess of $50,000) you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case. The deadline to move for lead plaintiff is October 17, 2019.  Contact Hagens Berman immediately to learn more about the case and being a lead plaintiff:

https://www.hbsslaw.com/investor-fraud/SAEX

or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing

SAEX@hbsslaw.com.

The Complaint alleges that Defendants misled investors by concealing violations of accounting rules that required them to consolidate a controlled entity's financial statements with the Company's.

On August 15, 2015, Defendants disclosed: (i) the existence of SEC and internal investigations into the Company's financial reporting; (ii) the need for SAEX to restate all of its financial statements covering 2015 through 2018; (iii) CEO Jeffrey Hastings had been placed on administrative leave; and (iv) CFO and General Counsel Brent Whitely had been fired.

On August 22, 2019, SAEX announced it notified creditors of SAEX's default on certain debt agreements arising from pending financial restatements.

"We're focused on investors' losses and whether SAEX's management was cooking the books," said Hagens Berman partner Reed Kathrein.

Whistleblowers: Persons with non-public information regarding SAEX should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.  For more information, call Reed Kathrein at 510-725-3000 or email SAEX@hbsslaw.com.

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Contact:
Reed Kathrein, 510-725-3000