19-Jun-2015 Source: Cohen Milstein Sellers & Toll
Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether CHC Group Ltd. (“CHC” or the “Company”), certain of its senior executives and directors who signed the Registration Statement (as defined below) in connection with the Company’s January 16, 2014 initial public offering (the “Offering”), and each of the underwriters for the Offering, are responsible for omitted material information in the Registration Statement in violation of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933.
A class action lawsuit was filed in the U.S. District Court for the Southern District of New York by another law firm on behalf of purchasers of the common stock of CHCHELI, -0.84% pursuant and/or traceable to the Offering between January 16, 2014 and July 10, 2014 (the “Class Period”).
CHC provides commercial helicopter services to the offshore oil and gas industry worldwide. The company operates in two segments, Helicopter Services and Heli-One. Its helicopters are primarily used to facilitate long-distance crew changes on offshore production facilities and drilling rigs. CHC, together with its subsidiaries, is the world’s largest commercial helicopter operator in terms of revenue.
The Complaint alleges that CHC failed to disclose that Petroleo Brasileiro S.A. (“Petrobras”), one of its largest customers, had stopped making payments on its contracts with the Company in April 2013, approximately nine months prior to the Company’s Offering. Specifically, Plaintiffs allege that the foregoing statements included in the Offering documents were misleading because they failed to disclose that one of CHC’s two largest contracts was currently not being performed and had not been paid for since April 2013, because Petrobras had stopped making payments on its contracts with the Company.
On July 10, 2014, CHC announced its financial results for its fiscal fourth quarter and 2014 FYE April 30, 2014. Although the results met guidance Defendants had issued in March 2014, they came in at the low end in part, as Defendant, former CEO, President and director William Amelio revealed, because of the Petrobras’ non-payment on its contracts. In response to this information, CHC shares fell from $8.62 to $7.63 on July 10.
Cohen Milstein encourages all investors who purchased CHC common stock between January 16, 2014 and July 10, 2014, or former employees with information concerning this matter to contact the firm.
If you are a CHC shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him atstoll@cohenmilstein.com. If you wish to serve as lead plaintiff, you must move the Court no later than July 14, 2015 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over two billion dollars. Prior results do not guarantee a similar outcome. For more information, please visit www.cohenmilstein.com.