NEW YORK, April 05, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Bristow Group, Inc. (“Bristow” or the “Company”) (NYSE: BRS) of the April 15, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Bristow stock or options between February 8, 2018 and February 12, 2019 and would like to discuss your legal rights, click here : www.faruqilaw.com/BRS. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26 th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of Texas on behalf of all those who purchased Bristow securities between February 8, 2018 and February 12, 2019 (the “Class Period”). The case, Kokareva v. Bristow Group, Inc. , No. 19-cv-00509 was filed on February 14, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Bristow lacked adequate monitoring processes related to non-financial covenants within its secured financing and lease agreements; (2) Bristow could not reasonably assure compliance with certain non-financial covenants; (3) Bristow was reasonably likely to breach certain agreements; (4) Bristow had understated its short-term debt; (5) the required corrections would materially impact financial statements; (6) there was a material weakness in Bristow’s internal controls over financial reporting; and (7) as a result of the foregoing, Bristow’s positive statements about Bristow’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
Specifically, on February 11, 2019, after the market closed, the Company 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.”
After the announcement, Bristow’s share price fell from $3.06 per share on February 11, 2019 to a closing price of $1.84 on February 12, 2019—a $1.22 or a 39.86% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Bristow’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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