Case Page

 

Case Status:    DISMISSED    
On or around 12/07/2016 (Other)

Filing Date: May 15, 2015

According to the law firm press release, the case alleges that CHC, a provider of commercial helicopter services to the offshore oil and gas industry worldwide, failed to disclose in connection with its IPO that one of its largest clients, Petroleo Brasileiro S.A., had stopped making payments on its contracts with CHC since April 2013. It was not until a July 10, 2014 earnings call that CHC 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’s revenues for fiscal 2014 would come in at the bottom of the company’s guidance ranges. On July 10, 2014, CHC Group Ltd.’s shares declined nearly 12% below their July 9, 2014 closing price, and more than 23% below the IPO price.

On September 21, 2015, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiff filed a consolidated complaint on November 9.

On November 7, 2016, the Court issued an Opinion granting Defendants' motions to dismiss, and closing this case. This decision was appealed by Plaintiffs on December 7.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil Well Services & Equipment
Headquarters: Cayman Islands

SECURITIES INFORMATION:

Ticker Symbol: HELI
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 15-CV-03773
JUDGE: Hon. Carter
DATE FILED: 05/15/2015
CLASS PERIOD START: 01/16/2014
CLASS PERIOD END: 07/10/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kirby McInerney LLP (New York)
    825 Third Avenue, Kirby McInerney LLP (New York), NY 10022
    212.371.6600 212.371.6600 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 15-CV-03773
JUDGE: Hon. Carter
DATE FILED: 11/09/2015
CLASS PERIOD START: 01/16/2014
CLASS PERIOD END: 07/10/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kirby McInerney LLP (New York)
    825 Third Avenue, Kirby McInerney LLP (New York), NY 10022
    212.371.6600 212.371.6600 ·
No Document Title Filing Date