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February 5, 2021 - The court preliminarily approved the settlement.
January 27, 2021 - A stipulation of settlement was filed by the parties.
November 4, 2019 - A consolidated amended complaint was filed.
February 14, 2019 - An investor in shares of Bristow Group Inc (NYSE: BRS) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Bristow Group Inc in connection with certain allegedly false and misleading statements made between February 8, 2018 and February 12, 2019.
Houston, TX based Bristow Group Inc. provides industrial aviation services to the offshore energy companies in Europe Caspian, Africa, the Americas, and the Asia Pacific. Bristow Group Inc (NYSE:BRS Bristow Group Inc reported that its Total Revenue rose from over $1.34 billion for the 12 months period that ended on March 31, 2017 to over $1.38 billion for the 12 months period that ended on March 31, 2018 while its Net Loss for those respective time periods increased from $170.53 million to $195.65 million.
On February 11, 2019, Bristow Group Inc disclosed 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.” The same day, Bristow Group Inc announced that it had terminated its agreement to purchase Columbia Helicopters, Inc. Then on February 12, 2019, Bristow Group Inc filed a Form with the SEC to announce: (i) that it had terminated its agreement to purchase Columbia Helicopters, Inc.; and (ii) that Jonathan E. Baliff would retire as Chief Executive Officer and would resign from the Board of Directors, effective February 28, 2019. Shares of Bristow Group Inc (NYSE:BRS) declined from $18.91 per share in May 2018 to as low as $1.11 per share on February 13, 2019. According to the complaint the plaintiff alleges on behalf of purchasers of Bristow Group Inc (NYSE: BRS) common shares between February 8, 2018 and February 12, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 8, 2018 and February 12, 2019, the defendants failed to disclose to investors, that the Company lacked adequate monitoring processes related to non-financial covenants within its secured financing and lease agreements, that, as a result, the Company could not reasonably assure compliance with certain non-financial covenants, that, as a result, the Company was reasonably likely to breach certain agreements, that, as a result, the Company had understated its short-term debt, that the required corrections would materially impact financial statements, that that there was a material weakness in the Company’s internal controls over financial reporting, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.