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 - EconoTimes)
NEW YORK, Sept. 01, 2017 -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of GlobalSCAPE, Inc. (NYSEMKT:GSB) who purchased shares between January 26, 2017 and August 7, 2017. The action, which was filed in the United States District Court for the Western District of Texas, San Antonio Division, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially 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; (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 (v) consequently, GlobalSCAPE's publicly disseminated financial statements were materially false and misleading.
Shareholders have until October 10, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-sb/globalscape-inc?wire=3.
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Joseph Klein, Esq. Empire State Building 350 Fifth Avenue 59th Floor New York, NY 10118 Telephone: (212) 616-4899 Fax: (347) 558-9665 www.kleinstocklaw.com
