Kessler Topaz Meltzer & Check, LLP Announces Shareholder Class Action Against CHC Group Ltd. -- HELI
RADNOR, Pa., May 18, 2015 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action complaint has been filed against CHC Group Ltd. (NYSE: HELI) ("CHC Group" or "the Company") on behalf of purchasers of the Company's common stock between January 16, 2014 and July 10, 2014, inclusive (the "Class Period").
CHC Group is a one of the world's largest commercial operator of helicopters. According to public filings, the Company's helicopters are "primarily used to facilitate large, long-distance crew changes on offshore production facilities and drilling rigs."
On January 16, 2014, CHC Group completed its Initial Public Offering ("IPO") of common stock, selling shares of its common stock to investors at $10.00 per share. The class action complaint alleges that the offering materials filed in connection with the Company's IPO "omitted to disclose that one of CHC's two largest customers, Petroleo Brasileiro S.A. ('Petrobras'), had stopped making payments on its contracts with the Company." For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/case/CHCGroup.
As detailed in the class action complaint, on July 10, 2014, CHC Group's executive officers revealed that Petrobras had not made payments on contracts to CHC Group since April 2013 – approximately nine months prior to the Company's IPO. On this news, shares of CHC Group's stock declined $0.99 per share, or 11.5%, to close on July 10, 2014 at $7.63 per share. The closing price of the Company's common stock on July 10, 2014 represented a decline of more than 23% from the price of the stock at the time of CHC Group's IPO less than six months prior.
CHC Group shareholders who wish to discuss this notice, the class action lawsuit and/or their rights and legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at [email protected].
Members of the class may, no later than July 17, 2015, petition the Court for appointment as a lead plaintiff of the class. A lead plaintiff is a representative party who acts on behalf of all CHC Group shareholders in directing the class action litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. The complaint in this action was not filed by Kessler Topaz Meltzer & Check.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 - 7706
(610) 667 - 7706
[email protected]
SOURCE Kessler Topaz Meltzer & Check, LLP
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