StockNews.AI
RIG
StockNews.AI
216 days

RIG INVESTOR NOTICE: Transocean Ltd. Investors with Substantial Losses Have Opportunity to Lead Investor Class Action Lawsuit

1. Transocean faces a class action lawsuit alleging securities fraud. 2. The lawsuit includes claims of misleading asset valuations. 3. Transocean plans to sell rigs for $342 million, causing a large impairment charge. 4. Stock price dropped nearly 9% following news of the asset sale. 5. Investors have until February 24, 2025, to join the lawsuit.

6m saved
Insight
Article

FAQ

Why Bearish?

The impairment charge and stock price drop indicate significant negative sentiment.

How important is it?

The lawsuit and associated negative financial implications significantly impact investor perception.

Why Short Term?

Immediate investor reactions suggest a short-term decline in confidence and stock value.

Related Companies

RIG
SAN DIEGO, Jan. 15, 2025 /PRNewswire/ -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Transocean Ltd. (NYSE: RIG) securities between October 31, 2023 and September 2, 2024, inclusive (the "Class Period"), have until Monday, February 24, 2025 to seek appointment as lead plaintiff of the Transocean class action lawsuit.  Captioned Gábor v. Transocean Ltd., No. 24-cv-09964 (S.D.N.Y.), the Transocean class action lawsuit charges Transocean and certain of Transocean's top current and former executives with violations of the Securities Exchange Act of 1934. If you suffered substantial losses and wish to serve as lead plaintiff of the Transocean class action lawsuit, please provide your information here: https://www.rgrdlaw.com/cases-transocean-ltd.html You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. CASE ALLEGATIONS: Transocean, together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide.  According to the complaint, Transocean marked its Discoverer Inspiration and Development Driller III rigs as "idle," which means that the rigs were being held between contracts and readily available for operations. The Transocean class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) the Discoverer Inspiration and the Development Driller III were considered non-strategic assets; (ii) Transocean's recorded asset valuations were overstated; and (iii) as a result, Transocean would take nearly twice the vessels' sale price in impairment if sold. The Transocean class action lawsuit further alleges that on September 3, 2024, Transocean announced that "as part of [Transocean]'s ongoing efforts to dispose of non-strategic assets" it had agreed to sell the Development Driller III and the Discoverer Inspiration and associated assets for an aggregate of $342 million.  According to the complaint, 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 stock fell nearly 9%, the Transocean class action lawsuit alleges. THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Transocean securities during the Class Period to seek appointment as lead plaintiff in the Transocean class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Transocean class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Transocean class action lawsuit.  An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Transocean class action lawsuit. ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud cases.  Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors.  We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years.  With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.  Please visit the following page for more information: https://www.rgrdlaw.com/services-litigation-securities-fraud.html Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices. Contact: Robbins Geller Rudman & Dowd LLP J.C. Sanchez, Jennifer N. Caringal 655 W. Broadway, Suite 1900, San Diego, CA 92101 800-449-4900 [email protected] SOURCE Robbins Geller Rudman & Dowd LLP

Related News