Lieff Cabraser Announces Class Action Litigation Against CHC

Lieff Cabraser Announces Class Action Litigation Against CHC

1-Jun-2015 Source: Lieff Cabraser

The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of investors who purchased or otherwise acquired the common stock of CHC Group Ltd. (“CHC” or the “Company”) (NYSE:HELI) pursuant or traceable to the Company’s initial public offering (“IPO”) on January 16, 2014.

If you purchased or otherwise acquired CHC common stock pursuant or traceable to the IPO, you may move the Court for appointment as lead plaintiff by no later than July 17, 2015. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.

CHC investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.

Background on the CHC Securities Class Litigation

The actions charge CHC, certain of its senior executives and directors, and the underwriters of CHC’s IPO with violations of sections 11, 12(a)(2), and 15 of the Securities Act of 1933. CHC, together with its subsidiaries, is the world’s largest commercial helicopter operator in terms of revenue.

The actions allege that CHC’s IPO registration statement and prospectus failed to disclose that one of the Company’s two largest customers, Petróleo Brasileiro S.A. (“Petrobras”), had stopped making payments on its contracts with CHC since April 2013.

On July 10, 2014, defendant Joan S. Hooper, CHC’s Chief Financial Officer, revealed that Petrobras had not made payments on its contracts with the Company since April 2013, nearly ten months before CHC’s IPO. Hooper further disclosed that the Company did not expect to recover revenues relating to the contract, that guidance for future quarters would not reflect any recovery, and that CHC’s revenues and Earnings Before Interest, Taxes, Depreciation, Amortization, and Restructuring or Rent Costs (“EBITDAR”) for fiscal year 2014 would fall to the bottom of the Company’s guidance ranges due to the suspension of contract payments by Petrobras.

On this news, the price of CHC stock fell $0.99 per share, or 11.48%, from its closing price on July 9, 2014, to close at $7.63 per share on July 10, 2014, well below its IPO price of $10.00 per share. The stock is presently trading at around $1.53 per share.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for eleven years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms.

For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.

, , ,

Copyright © 2024 HeliHub

Website by Design Inc

Helihub logo

X