San Diego, CA — 12/20/2017 — An investigation was annocuned for investors of Geospace Technologies Corporation (NASDAQ:GEOS) shares over potential securities laws violations by Geospace Technologies.
The investigation by a law firm focuses on whether a series of statements by Geospace Technologies regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On November 22, 2017, Geospace Technologies Corporation disclosed that on November 16, 2017 the Company's Audit Committee of the Board of Directors “on the recommendation of management, and after consultation with the Company's independent registered public accounting firm, BDO USA, LLP, concluded that the Company's audited consolidated financial statements for the fiscal years ended September 30, 2016 and 2015, and the related report of the Company's independent registered public accounting firm thereon, and the unaudited consolidated financial statements for quarters ended December 31, 2016, March 31, 2017 and June 30, 2017 should no longer be relied upon because of an accounting error.” Furthermore, Geospace Technologies Corporation stated that “[t]he accounting error to be addressed in the restatement relates to an error made in the classification of inventories.”
Those who purchased shares of Geospace Technologies Corporation (NASDAQ:GEOS) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego
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