Bristow Group Inc (NYSE: BRS) Investor Securities Class Action Lawsuit 02/14/2019

If you purchased a significant amount of shares of Bristow Group Inc (NYSE: BRS) between February 8, 2018 and February 12, 2019, and / or if you purchased any NYSE: BRS shares prior to February 2018 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: April 15, 2019. NYSE: BRS investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Bristow Group
Case Name: 
Bristow Group Shareholder Class Action Lawsuit 02/14/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: BRS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/14/2019
Class Period Begin: 
02/08/2018
Class Period End: 
02/12/2019
Court of Filing: 
U.S. District Court for the Southern District of Texas
Deadline To File for Lead: 
04/15/2019
Summary: 

An investor in shares of Bristow Group Inc (NYSE: BRS) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Bristow Group Inc in connection with certain allegedly false and misleading statements made between February 8, 2018 and February 12, 2019.

Houston, TX based Bristow Group Inc. provides industrial aviation services to the offshore energy companies in Europe Caspian, Africa, the Americas, and the Asia Pacific. Bristow Group Inc (NYSE:BRS

Bristow Group Inc reported that its Total Revenue rose from over $1.34 billion for the 12 months period that ended on March 31, 2017 to over $1.38 billion for the 12 months period that ended on March 31, 2018 while its Net Loss for those respective time periods increased from $170.53 million to $195.65 million.

On February 11, 2019, Bristow Group Inc 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, Bristow Group Inc announced that it had terminated its agreement to purchase Columbia Helicopters, Inc.

Then on February 12, 2019, Bristow Group Inc filed a Form 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.

Shares of Bristow Group Inc (NYSE:BRS) declined from $18.91 per share in May 2018 to as low as $1.11 per share on February 13, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Bristow Group Inc (NYSE: BRS) common shares between February 8, 2018 and February 12, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 8, 2018 and February 12, 2019, the defendants failed to disclose to investors, that the Company lacked adequate monitoring processes related to non-financial covenants within its secured financing and lease agreements, that, as a result, the Company could not reasonably assure compliance with certain non-financial covenants, that, as a result, the Company was reasonably likely to breach certain agreements, that, as a result, the Company had understated its short-term debt, that the required corrections would materially impact financial statements, that that there was a material weakness in the Company’s internal controls over financial reporting, and 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.