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Global Geophysical Services Crappiest Stock of the Week

DefibrillatorGlobal Geophysical Services (GGS) was the worst performing stock of the week ending 3/21/2014, dropping 61.1% for the week after the company released the following statement on March 17, 2014:

“….upon the recommendation of management and after consultation with its independent registered public accounting firm, UHY LLP, the Company’s Audit Committee and Board of Directors have concluded that the Company’s financial statements and related auditors’ reports for each of the fiscal years ended December 31, 2012, 2011, 2010, and 2009 and the first, second and third quarters of 2013 should no longer be relied upon because of accounting errors resulting from material weaknesses in the Company’s internal controls. The Company, along with its advisors and its independent auditor, is conducting a thorough review of these statements, and intends to restate its consolidated financial statements from 2011 onward as well as selected financial data for the 2009 and 2010 fiscal years in its 2013 Annual Report. In light of the restatements, the Company is unable to file its 2013 Annual Report on Form 10-K at this time. In addition, in connection with the restatements, management has concluded that certain material weaknesses exist in the Company’s internal controls and intends to begin promptly to develop a plan to remediate the material weaknesses.”

GGS provides seismic data solutions to the oil and gas industry and has traded as high as $19 per share back in April 2011. They are now being sued by no less than 8 law firms that are alleging varying degrees of fraud. Pretty soon, the number of class-action lawsuits will likely outnumber the share price in pennies. Stick a fork in this one.

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Here are the 10 crappiest stocks of this past week:

RankSymbolNameCloseWkly Chg% Chg52 Wk High52 Wk LowYTD % Chg
1GGSGlobal Geophysical Services0.49-0.77-61.11%4.960.45-69.70
2ADESAdvanced Emissions Solutions23.75-26.59-52.82%29.1611.66-12.41
3WLKWestlake Chemical66.97-66.12-49.68%69.4138.359.72
4KIORKiOR0.67-0.48-41.74%5.940.58-60.11
5NEWLNewLead Holdings2.09-1.35-39.24%319.452.00-88.19
6ICLDInterCloud Systems7.35-4.59-38.44%19.392.20-59.97
7ICLDWInterCloud Systems WT4.69-2.84-37.72%14.350.40-65.10
8INSIntelligent Systems1.74-0.74-29.84%2.681.007.41
9CSLTCastlight Health Cl B29.35-10.45-26.26%41.9528.64-26.26
10CMGEChina Mobile Games&Entertainment Group ADS22.18-7.07-24.17%40.317.79-12.09

We profiled NewLead’s problems here and InterCloud’s issues here.