Global Geophysical -58% as past financial reports are unreliable

Global Geophysical Services (GGS -58.1%) shares are cut in half after the provider of seismic data solutions for the oil and gas industry said some of its past financial reports are unreliable.

GGS says its financial statements and auditors' reports for the 2012, 2011, 2010 and 2009 fiscal years and Q1, Q2 and Q3 2013 should no longer be relied upon because of accounting errors resulting from material weaknesses in the company's internal controls.

However, GGS expects to report Q4 revenue of ~$81M, which would beat the analyst consensus estimate of $75.6M, and sees a pre-tax loss from operations of $69.4M.

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