BENSALEM, Pa. -- (Business Wire)
Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed on behalf of investors that purchased Bristow Group Inc.(NYSE:
BRS)
(“Bristow” or the “Company”) securities between February 8, 2018 and
February 12, 2019, inclusive (the “Class Period”). Bristow investors
have until April 15, 2019 to file a lead plaintiff motion.
On February 11, 2019, the Company disclosed that it “did not have
adequate monitoring control processes in place related to non-financial
covenants within certain of its secured financing and lease agreements.”
The same day, the Company announced that it had terminated its agreement
to purchase Columbia Helicopters, Inc. On this news, the Company’s share
price fell $1.22 per share, or nearly 40%, to close at $1.84 per share
on February 12, 2019, on unusually heavy trading volume.
Then on February 12, 2019, the Company filed a Form 8-K with the SEC to
announce: (i) that it had terminated its agreement to purchase Columbia
Helicopters, Inc.; and (ii) that Jonathan E. Baliff would retire as
Chief Executive Officer and would resign from the Board of Directors,
effective February 28, 2019. On this news, the Company’s share price
fell $0.64, or nearly 35%, to close at $1.20 per share on February 13,
2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the
Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose material adverse facts about
the Company’s business, operations, and prospects. Specifically,
Defendants failed to disclose to investors: (1) that the Company lacked
adequate monitoring processes related to non-financial covenants within
its secured financing and lease agreements; (2) that, as a result, the
Company could not reasonably assure compliance with certain
non-financial covenants; (3) that, as a result, the Company was
reasonably likely to breach certain agreements; (4) that, as a result,
the Company had understated its short-term debt; (5) the required
corrections would materially impact financial statements; (6) that there
was a material weakness in the Company’s internal controls over
financial reporting; and (7) that, as a result of the foregoing,
Defendants’ positive statements about the Company’s business,
operations, and prospects were materially misleading and/or lacked a
reasonable basis.
If you purchased shares of Bristow, have information or would like to
learn more about these claims, or have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Howard G. Smith, Esquire, of Law Offices of Howard G.
Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by
telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com,
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190215005580/en/
Contacts:
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Source: Law Offices of Howard G. Smith
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