Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired shares of CHC Group Ltd (NYSE: HELI) (“CHC Group” or “the Company”) between January 16, 2014 and July 10, 2014, inclusive (the “Class Period”).
CHC Group Ltd investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, CHC is a holding company incorporated in the Cayman Islands, with its principal executive offices located in British Columbia, Canada. CHC Group is the world’s largest commercial helicopter operator, with bases on six continents.
The complaint alleges that CHC Group failed to disclose in connection with its Initial Public Offering (“IPO”) that one of its largest clients, Petroleo Brasileiro S.A. (“Petrobras”), had stopped making payments on its contracts with CHC Group since April 2013. It was not until a July 10, 2014 earnings call that CHC Group disclosed the truth, stating that the company did not expect to recover revenues relating to the contract, that guidance for future quarters would not reflect any recovery, and that CHC Group’s revenues for fiscal 2014 would come in at the bottom of the company’s guidance ranges.
On July 10, 2014, CHC Group revealed that Petrobras had not made contractual payments to the Company since April 2013 – nearly ten months before CHC’s IPO. Petrobras’ lack of payments to CHC Group also impacted the company’s 2014 and 2015 financial guidance.
Following this news, shares of the company’s stock declined $0.99 per share (11.5%) to close at $7.43 per share.
If you are a member of the class described above, you may no later than July 17, 2015, move the Court to serve as lead plaintiff of the class, if you so choose.
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. 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 purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706