Robbins Arroyo LLP: Bristow Group Inc. (BRS) Sued for Misleading Shareholders
SAN DIEGO & HOUSTON--(BUSINESS WIRE)--Feb 19, 2019--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Bristow Group Inc. (NYSE: BRS) filed a class action complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between February 8, 2018 and February 12, 2019. Bristow is an industrial aviation services provider with major transportation operations in most major offshore energy producing regions of the world.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/bristow-group/
Bristow Reveals Material Weakness in Internal Controls
According to the complaint, from February 2018 to November 2018, Bristow assured investors in 10Qs and a 10K that its internal control over financial reporting was effective. However, on February 11, 2019, the truth was revealed when Bristow disclosed that management had not only identified a material weakness in its internal controls over financial reporting, but was also evaluating the possibility of a misstatement in its financial statements. On this news, Bristow’s share price fell nearly 40% to close at $1.84. On February 12, 2019, Bristow announced that Jonathan Baliff would retire from his position as CEO and resign from the Board of Directors effective February 28, 2019. On this news, Bristow’s share plummeted another 35% to close at $1.20 per share on February 13, 2019.
Bristow Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20190219005926/en/
CONTACT: Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San Diego, CA 92122
(619) 525-3990 or Toll Free (800) 350-6003
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SOURCE: Robbins Arroyo LLP
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PUB: 02/19/2019 02:35 PM/DISC: 02/19/2019 02:35 PM