Company: Bristow Group Inc.
Court: U.S.D.C. – Southern District of Texas
A shareholder class action complaint has been filed against Bristow Group Inc. (“Bristow”) on behalf of investors who purchased shares of the Company’s stock between February 8, 2018 and February 12, 2019 (the “Class Period”).
The complaint alleges that the defendants made false and misleading statements and/or failed to disclose material adverse information to investors during the Class Period concerning the reliability of the Company’s financial statements. Specifically, the complaint alleges that the defendants failed to disclose: (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; and (6) that there was a material weakness in the Company’s internal controls over financial reporting.
On February 11, 2019, Bristow 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.” Following this news, shares of the Company’s stock fell $1.22 per share, or nearly 40%, to close on February 12, 2019 at $1.84 per share.
Bristow stockholders who purchased shares of the Company’s stock prior to February 12, 2019 are encouraged to contact the firm at (888) 715 – 1740, or by completing the information form on this page, to discuss their legal rights and options.