Kessler Topaz Meltzer & Check, LLP Announces Update to Shareholder Class Action Against CHC Group Ltd -- HELI
RADNOR, Pa., June 8, 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").
For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/case/CHCGroup.
On January 16, 2014, CHC Group completed its Initial Public Offering ("IPO") of common stock, selling shares of its 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."
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 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. Additionally, shares of the Company's stock continued to decline after the Company's July 10, 2014 disclosure, and currently trade at less than $1.50 per share – a decline of over 85% from their price at the time of the IPO.
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 other class members in directing the 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.
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 (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or (610) 667 – 7706, or via e-mail at [email protected]. The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For additional information about the lawsuit, or to request information about the action, please visit http://www.ktmc.com/case/ForceFieldEnergy.
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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