NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Transocean Ltd. (“Transocean” or the “Company”) (NYSE:RIG) securities during the period from October 31, 2023 through September 2, 2024 (“the Class Period”). Investors have until February 24, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[LEARN MORE ABOUT THE CLASS ACTION]
On September 3, 2024, before the market opened, Transocean announced “as a part of the Company’s effort to dispose of non-strategic assets” it had agreed to sell the Developer Driller III and Discovered Inspiration, two of the Company’s idle oil rigs, and associated assets, for an aggregate $342 million. Transocean further announced that the sales would result in an estimated third-quarter non-cash charge of up to $645 million associated with the impairment of said assets. On this news, the price of Transocean shares declined by $0.42, or approximately 8.86%, from $4.74 per share on August 30, 2024, to close at $4.32 per share on September 3, 2024.
The complaint alleges that defendants, throughout the Class Period, made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects, including: (1) the Discovered Inspiration and the Development Driller III were considered non-strategic assets; and (2) the Company’s recorded asset valuations were overstated.
If you purchased or otherwise acquired Transocean securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the form below, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.