Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Bristow Group (NYSE:BRS) in connection to alleged violations of securities laws by BRS. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Bristow Group between February 8, 2018 and February 12, 2019.
The class action complaint specifically alleges that during the period in question, BRS provided false and/or misleading material information and/or failed to disclose adverse material information to the public, chiefly: that the company did not have effective monitoring procedures in connection to the non-financial covenant in its agreements for secured financing and leasing; that the company was unable to give adequate assurances that it would comply with select non-financial covenants; that it was likely the company would violate certain of its agreements; that the company had previously made understatements in connection to its short-term debt figures; that when the company corrected these figures, there would be a material effect on its financial statements; that its internal controls governing financial reporting had a material weakness; and that consequently the company’s statements to the public during the relevant period about its business, operations and prospects were materially misleading and/or had no reasonable basis. The complaint alleges that when true facts emerged, investors suffered losses. Specifically, the complaint notes that the company announced on February 11, 2019 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,” and that it had canceled an agreement to buy Columbia Helicopters. Following these announcements, BRS declined in value by almost 40%, or $1.22/share, closing at $1.84/share on the following day, February 12, 2019.
According to the company’s website, Bristow Group is “the leading provider of industrial aviation services offering helicopter transportation, search and rescue (SAR) and aircraft support services to government and civil organizations worldwide.” It is headquartered in Houston, Texas, and has operations in the Gulf of Mexico, the North Sea, Nigeria, and “other major offshore oil and gas producing regions,” such as Brazil, Canada, Russia and Australia. The company describes its goal as “to provide the safest and most reliable services to clients around the world.” Its affiliates include Airnorth, Eastern Airways, Cougar Helicopters, and Sky Futures. The company trades on the New York Stock Exchange under the symbol BRS.