NEW YORK, April 9, 2019 /CNW/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Bristow Group, Inc. ("Bristow" or the "Company") (NYSE: BRS) and certain of its officers. The class action, filed in United States District Court, Southern District of Texas, Houston Division, and indexed under 19-cv-01064, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Bristow securities between February 8, 2018 and February 12, 2019, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"), against the Company and certain of its top officials.
If you are a shareholder who purchased Bristow securities during the class period, you have until April 15, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Bristow is an industrial aviation services provider with major transportation operations in the North Sea, Nigeria and the Gulf of Mexico, and in most other major offshore energy producing regions of the world.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Bristow lacked adequate monitoring processes related to non-financial covenants within its secured financing and lease agreements; (ii) as a result, Bristow could not reasonably assure compliance with certain non-financial covenants; (iii) as a result, Bristow was reasonably likely to breach certain agreements; (iv) as a result, Bristow had understated its short-term debt; (v) the required corrections would materially impact financial statements; (vi) there was a material weakness in Bristow's internal controls over financial reporting; and (vii) as a result of the foregoing, Defendants' positive statements about Bristow's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On February 11, 2019, after the market closed, Bristow filed a Form 8-K with the SEC disclosing 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."
On this news, Bristow's stock 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.
On February 12, 2019, Bristow filed a Form 8-K with the SEC to announce that: (i) it had terminated its agreement to purchase Columbia Helicopters, Inc. ("Columbia Helicopters"); and (ii) Jonathan E. Baliff would retire as Chief Executive Officer and would resign from the Board of Directors, effective February 28, 2019.
On this news, Bristow's stock price fell $0.64 per share, or nearly 35%, to close at $1.20 per share on February 13, 2019, on unusually heavy trading volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP