Investigation Overview
March 10, 2017 (Shareholders Foundation) - An investigation on behalf of investors of Seacor Holdings, Inc. (NYSE:CKH) shares over potential securities laws violations by Seacor Holdings and certain of its directors and officers in connection certain financial statements was announced.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Seacor Holdings, Inc. (NYSE:CKH) concerning whether a series of statements by Seacor Holdings, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Seacor Holdings, Inc. reported that its annual Total Revenue declined from over $1.31 billion in 2014 to over $1.05 billion in 2015 and that its Net Income of $100.13 million in 2014 declined to a Net loss of $68.78 million in 2015.
On March 2, 2017, pre-market, Seacor Holdings, Inc. announced that it will delay the release of results for its fourth quarter and year ended December 31, 2016. Seacor Holdings, Inc. said that it has not yet completed its assessment of the effectiveness of its internal controls over financial reporting as of December 31, 2016 due to certain control deficiencies identified related to impairment determinations and the approval of manual journal entries.
Seacor Holdings, Inc. said that although it has not concluded its assessment of the effectiveness of its internal control over financial reporting, it believes that these deficiencies could represent material weaknesses in its internal control over financial reporting.
Shares of Seacor Holdings, Inc. (NYSE:CKH) declined to as low as $66.36 per share on March 2, 2017.