Another law firm opens case against Bristow
New York-based Faruqi & Faruqi is the latest law firm to climb on the class-action bandwagon to launch a class-action law suit against Bristow Group.
Faruqi & Faruqi has invited Bristow Group investors who suffered investment losses in excess of $50,000 to contact the firm.
“The firm encourages you to get in contact if you have invested in Bristow stock or options and would like to discuss legal rights” – linking off to a contact form on its website.
Following the departure of Bristow’s CEO and the collapse of the company’s proposed $560 million acquisition of fellow helicopter operator Columbia Helicopters, law firms are targeting Bristow for investigation of potential infractions of security laws. The helicopter operator announced in February that it “did not have adequate monitoring control processes in place related to non-financial covenants.”
Shortly after this announcement, three law firms announced they were investigating the helicopter operator. Shortly after, Robbins Arroyo filed a class-action complaint against the company for misleading shareholders.
Bristow Group announced that it was going to purchase Columbia Helicopters for $560 million. When that fell through the company’s share price fell from $10, settling at approx. $2.50 at the end of 2018 and with a further fall to $1.10 as of 29 March.