Thieler Law Corp, member of the Investor Attorney Network, is investigating whether certain officers and directors of Geospace Technologies Corporation (NASDAQ: GEOS) violated securities laws in connection with certain financial statements.
The investigation seeks to discover if possible claims on behalf of purchasers of the securities of Geospace Technologies Corporation (NASDAQ: GEOS) concerning whether a series of statements by Geospace Technologies Corporation 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 filed a Form 8-K with the SEC revealing 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."
In addition, Geospace Technologies revealed that "[t]he accounting error to be addressed in the restatement relates to an error made in the classification of inventories."
Based in Houston, Texas, and founded in 1980 Geospace Technologies Corporation designs and manufactures seismic instruments and equipment for the oil and gas industry in the United States, Canada, Colombia, the Russian Federation, and the United Kingdom.
If you purchased shares of Geospace Technologies Corporation (NASDAQ: GEOS) on or before November 22, 2017, you should contact Thieler Law Corp at firstname.lastname@example.org or call +1 (619) 377 - 4324.
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