WILMINGTON, Del., May 21, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of CHC Group Ltd. (NYSE: HELI)?
- Did you purchase your shares pursuant and/or traceable to the initial public offering on or about January 16, 2014, or between January 17, 2014 and July 10, 2014, inclusive?
- Did you lose money in your investment in CHC Group Ltd.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the 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), alleging violations of the Securities Act of 1933 against the Company and certain of its officers (the "Complaint").
If you purchased shares of CHC in the January 16, 2014 offering, or during the period January 16, 2014 and July 10, 2014, inclusive, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to firstname.lastname@example.org; or at: http://rigrodskylong.com/investigations/chc-group-ltd-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.
According to the Complaint, 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 wish to serve as lead plaintiff, you must move the Court no later than July 17, 2015. A lead plaintiff is a representative party acting 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE Rigrodsky & Long, P.A.