NEW YORK--(BUSINESS WIRE)--
Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of GlobalSCAPE, Inc. (NYSEMKT: GSB) from January 26, 2017 through August 7, 2017, inclusive (the “Class Period”). The lawsuit seeks to recover damages for GlobalSCAPE investors under the federal securities laws.
To join the GlobalSCAPE class action, go to http://rosenlegal.com/cases-1183.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.
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.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) GlobalSCAPE 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; (2) GlobalSCAPE’s total current assets and total assets were overstated by $292,000; (3) GlobalSCAPE’s total stockholder equity and total liabilities and stockholders’ equity were overstated by $217,000 and $292,000, respectively; (4) GlobalSCAPE lacked adequate internal controls over financial reporting; and (5) that as a result, GlobalSCAPE’s publicly disseminated financial statements were materially false and misleading. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 10, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://rosenlegal.com/cases-1183.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Since 2014, Rosen Law Firm has been ranked #2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors.
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