SAN FRANCISCO, CA / ACCESSWIRE / November 22, 2022 / Hagens Berman urges National Energy Services Reunited Corp. (NASDAQ:NESR) investors who suffered significant losses to submit your losses now.
Contact An Attorney Now: [email protected]
National Energy Services Reunited Corp. (NASDAQ:NESR) Investigation:
The investigation focuses on the accuracy of National Energy's reported earnings, its past assurances that its financial statements were prepared in accordance with Generally Accepted Accounting Principles, and affirmations that it maintained effective internal controls over financial reporting.
National Energy Reunited's statement came into serious question on Mar.14, 2022, when it announced that its financial statements and related disclosures for the fiscal years ended Dec. 31, 2018, 2019, and 2020 should no longer be relied on. The company admitted that its financial statements "contain errors primarily related to accounts payable reconciliations and accrued liabilities" and "[t]herefore, the U.S. GAAP statements for the foregoing years will need to be restated." The company further revealed that "the aggregate amount of the restatement, for all of the impacted and potentially impacted time periods, will be in the range of $60 to $90 million."
Then, on May 3, 2022, National Energy Reunited announced it would not timely file its restated financial statements.
Finally, on Nov. 7, 2022, National Energy Reunited announced that since it had not filed its financial statements for the fiscal year ended Dec. 31, 2021, Nasdaq notified the company that its ordinary shares and warrants are subject to delisting.
The company has still not filed its restated financial statements for the years ended Dec. 31, 2018 - 2020.
These events have driven the price of National Energy Reunited shares sharply lower.
"We're focused on investors' losses and whether National Energy Reunited cooked its books," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in National Energy Reunited and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding National Energy Reunited 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 844-916-0895 or email [email protected].
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP