SAN FRANCISCO, June 16, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds investors with losses over $100,000 of the July 17, 2015 lead plaintiff deadline in the securities fraud class action lawsuit filed against CHC Group Ltd. (NYSE:HELI) (“CHC” or “the Company”). Investors who have suffered financial losses may contact a Hagens Berman attorney by emailing HELI@hbsslaw.com.
The lawsuit, pending in U.S. District Court for the Southern District of New York, identifies a proposed class of investors who acquired CHC common stock pursuant and/or traceable to the IPO between January 16, 2014 and July 10, 2014, inclusive, (the “Class Period”). If you have losses in excess of $100,000.00 in CHC common stock during the Class Period, contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000, emailing HELI@hbsslaw.com or visiting http://hb-securities.com/investigations/HELI.
No class has been certified in this case. The deadline to move for the position of lead plaintiff in the case is July 17, 2015. If your losses are less than $100,000, you are still eligible to be a member of the class. You do not need to move for lead plaintiff to be a member of the Class or to participate in any recovery.
CHC is a provider of commercial helicopter services to offshore oil and gas companies worldwide. The Company held an Initial Public Offering (“IPO”) on January 16, 2014. The complaint alleges that in connection with its IPO, CHC failed to disclose that one of its largest clients, Petroleo Brasileiro S.A. had not made a payment on its contract with CHC since April 2013. CHC did not disclose this information until a July 10, 2014 earnings call, when the Company revealed that it did not expect to recover revenues related to the contract. As a result, guidance for future quarters would not reflect any recovery and CHC’s revenues for fiscal 2014 would come in at the bottom of previously stated guidance ranges. After the disclosure, CHC’s shares declined nearly 12% below their July 9, 2014 closing price, and more than 23% below the IPO price.
“At the time of the IPO, Defendants touted the strength of their relationship with Petrobras, even though Petrobras had not made a payment to them for months,” said Hagens Berman partner Reed Kathrein. “The IPO was a success, and insiders profited hugely at the expense of shareholders.”
If you were negatively impacted over $100,000 by your investment in CHC common stock between January 16, 2014 and July 10, 2014, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.
Whistleblowers: Persons with non-public information regarding CHC Group Ltd. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at (510) 725-3000 or email HELI@hbsslaw.com.
About Hagens Berman
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