An investigation on behalf of investors in GlobalSCAPE, Inc. (NYSEMKT:GSB) shares over potential wrongdoing at GlobalSCAPE, Inc. was announced and NYSEMKT:GSB stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/05/2017 -- Certain directors of GlobalSCAPE, Inc are under investigation over possible breaches of fiduciary duties. The investigation was announced for investors in NYSEMKT:GSB shares.
Investors who purchased shares of GlobalSCAPE, Inc. (NYSEMKT:GSB) should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm concerns whether certain GlobalSCAPE, Inc. directors breached their fiduciary duties.
On August 7, 2017, during aftermarket hours, GlobalSCAPE revealed that it's Audit Committee "has been conducting an investigation into certain transactions in the fourth quarter of 2016 involving improper arrangements with customers that circumvented the Company's internal controls and their potential effect on previously reported revenue." GlobalSCAPE further revealed that, based on the investigation, "the improper arrangements with customers that circumvented the Company's internal controls have the effect of overstating 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."
On August 09, 2017 a lawsuit was filed against GlobalSCAPE, Inc. (NYSEMKT:GSB) over alleged securities laws violations. The plaintiff claims that between January 26, 2017 and August 7, 2017, the defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that 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, that GlobalSCAPE's total current assets and total assets were overstated by $292,000, that GlobalSCAPE's total stockholder equity and total liabilities and stockholders' equity were overstated by $217,000 and $292,000, respectively, that GlobalSCAPE lacked adequate internal controls over financial reporting, and that as a result, GlobalSCAPE's publicly disseminated financial statements were materially false and misleading.
Those who purchased shares of GlobalSCAPE, Inc. (NYSEMKT:GSB) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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