WAYNE, Pa., May 27, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP that a class action lawsuit has been filed in United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of CHC Group Ltd. ("CHC" or the "Company") (NYSE :HELI ) between January 17, 2014 and July 10, 2014, inclusive, including those investors who acquired CHC shares pursuant or traceable to its initial public offering ("IPO") commenced on or about January 16, 2014 (collectively, the "Class Period").
CHC shareholders may, no later than July 17, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of CHC and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/heli.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants' public statements and filings, including the Registration Statement issued in connection with January 16, 2014 offering, 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. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
On July 10, 2014, Joan S. Hooper, the Company's Chief Financial Officer revealed that Petrobras had not made payments on contracts to CHC since April 2013, nearly ten months before CHC's IPO. Additionally, Hooper disclosed that CHC 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 EBITDAR for fiscal year 2014 would come in at the bottom of the Company's guidance ranges due to the suspension of contract payments by Petrobras.
On this news, shares in CHC plummeted more than 11%, closing at $7.63 per share on July 10, 2014, on extremely high trading volume.
If you are a member of the class, you may, no later than July 17, 2015, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/heli. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP