SAN DIEGO, April 03, 2019 (GLOBE NEWSWIRE) -- Nationally recognized securities attorney Andrew J. Brown, founder of The Law Offices of Andrew J. Brown, announces an investigation into legal claims against the officers and Board of Directors of Bristow Group, Inc. (NYSE:BRS).
More information can be found at www.thebrownlawfirm.com.
The class action lawsuit was filed on February 14, 2019 in the United States District Court, Southern District of Texas, Houston Division on behalf of all persons or entities who purchased or otherwise acquired Bristow Group, Inc. securities between February 8, 2018 and February 12, 2019 (the “Class Period”).
The complaint alleges that throughout the Class Period, Defendants made numerous materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and misleading statements and failed 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, Defendants' positive statements about Bristow's business, operations, and prospects were materially false and/or misleading at all relevant times, and/or lacked a reasonable basis.
The complaint was filed in reaction to disclosures made by Bristow to the SEC – On February 11, 2019 Bristow announced 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 fell nearly 40%. The following day, February 12, 2019, Bristow announced that: (1) it had terminated its agreement to purchase Columbia Helicopters, Inc.; and (2) 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 fell nearly 35%.
Based upon the allegations in the filed class action complaint, the Law Offices of Andrew J. Brown is investigating legal claims involving violations of federal securities laws by the Company’s Officers and Directors. The Law Offices of Andrew J. Brown is an investor and consumer-dedicated litigation firm with more than 20 years of experience in complex consumer and securities class action litigation. www.thebrownlawfirm.com
If you are a Bristow Group, Inc. shareholder and want to learn more about the investigation and pending lawsuits, contact Andrew J. Brown directly at andrewb@thebrownlawfirm.com. There is no cost or fee to you. If you wish to be appointed lead plaintiff of the proposed class you must make the request no later than April 15, 2019.
Andrew J. Brown
Law Offices of Andrew J. Brown
501 W. Broadway, Ste. 1490
San Diego, CA 92101
(619) 501-6550
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