Cases
Globalscape, Inc. (NYSE : GSB)
Securities Class Action
Overview
Overview
- Date:
- 8/10/2017
- Company Name:
- GlobalSCAPE, Inc.
- Stock Symbol:
- GSB
- Class Period:
- FROM 1/26/2017 TO 8/7/2017
- Status:
- Closed/Complete
NEW YORK, August 10, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Western District of Texas on behalf of all persons or entities who purchased or otherwise acquired Globalscape, Inc. (NASDAQ: GSB) securities between January 26, 2017 and August 7, 2017 (the “Class Period”). Investors have until October 10, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that: (i) Global overstated the reported amounts of accounts receivable as of December 31, 2016, and license revenue for the three months and year ended December 31, 2016, by approximately $403,000 and $396,000, respectively, resulting in the overstatement of the Company’s revenues for those periods by the same amounts; (ii) the Company’s total current assets and total assets were overstated by $292,000; (iii) the Company’s total stockholder equity and total liabilities and stockholders’ equity were overstated by $217,000 and $292,000, respectively; (iv) the Company lacked adequate internal controls over financial reporting; and(v) that as a result of the foregoing, Global’s publicly disseminated financial statements were materially false and misleading.
If you purchased or otherwise acquired Globalscape securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The Complaint alleges that: (i) Global overstated the reported amounts of accounts receivable as of December 31, 2016, and license revenue for the three months and year ended December 31, 2016, by approximately $403,000 and $396,000, respectively, resulting in the overstatement of the Company’s revenues for those periods by the same amounts; (ii) the Company’s total current assets and total assets were overstated by $292,000; (iii) the Company’s total stockholder equity and total liabilities and stockholders’ equity were overstated by $217,000 and $292,000, respectively; (iv) the Company lacked adequate internal controls over financial reporting; and(v) that as a result of the foregoing, Global’s publicly disseminated financial statements were materially false and misleading.
If you purchased or otherwise acquired Globalscape securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.