Bristow Group Inc. (BRS) Sued for Misleading Shareholders
According to the complaint against the company for alleged violations of the Securities and Exchange Act of 1934, between February 8, 2018 and February 12, 2019, Bristow Group Inc. (BRS) assured investors in 10Qs and a 10K that its internal control over financial reporting was effective. However, on February 11, 2019, the truth was revealed when Bristow disclosed that management had identified a material weakness in its internal controls over financial reporting, and was evaluating the possibility of a misstatement in its financial statements. On this news, Bristow’s share price fell nearly 40% to close at $1.84. On February 12, 2019, Bristow announced that Jonathan Baliff would retire from his position as CEO and resign from the Board of Directors effective February 28, 2019. On this news, Bristow’s share plummeted another 35% to close at $1.20 per share on February 13, 2019. As of October 11, 2019, Bristow’s stock trades at $.0085.
