Pomerantz joins Bristow Group investigation

Yet another law firm has joined the legal crowd investigating Bristow Group on the behalf of concerned investors.

Pomerantz LLP has filed a class action complaint and is investigating whether Bristow, its officers or its board members have engaged in securities fraud or other “unlawful business practices”.

A week-ago today, three individual law firms announced they were investigating Bristow Group for the potential violations of securities laws. The accusations were in response to the group’s stating the possibility of faulty reporting in its Q3 financial results released on 11 February.

The helicopter operator wrote in its Q3 results announcement on 11 February that it “did not have adequate monitoring control processes in place related to non-financial covenants within certain of its secured financing and lease agreements.”

The first three law firms that began investigations into Bristow were Block & Leviton, Howard G. Smith and Glancy Prongay & Murray. Just a few days after the investigation started, Robbins Arroyo lunched its own class action complaint.

Bristow Timeline

November 2018 – Bristow announces plan to buy Columbia Helicopters, loses Baliff

January 2019 – Bristow/Columbia acquisition delayed

12 February 2019 – Bristow belatedly announces Q3 results, cancels Columbia deal and announces CEO’s retirement on same day

18 February 2019 – Bristow under investigation

19 February 2019 – Bristow announces further Q3 report delays, details internal control ‘weaknesses’

20 February 2019 – Stephen A. King resigns as Bristow Director

21 February 2019 – A new law firm joins Bristow investigation