Security Investigation
Transocean Ltd. (NYSE: RIG)
33 Days left to seek lead plaintiff status.
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Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until February 24, 2025 to file lead plaintiff applications in a securities class action lawsuit against Transocean Ltd. (the “Company”) (NYSE: RIG).
Transocean and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. The alleged false and misleading statements and omissions include, but are not limited to, that: (1) the Discoverer Inspiration and the Development Driller III were considered non-strategic assets; (2) the Company’s recorded asset valuations were overstated; (3) as a result, the Company would take nearly twice the vessels’ sale price in impairment if sold; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On September 3, 2024, pre-market, the Company disclosed that it had agreed to sell the Development Driller III and the Discoverer Inspiration rigs and associated assets for an aggregate $342 million “as part of the Company’s effort to dispose of non-strategic assets,” which 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’s shares fell $0.42, or 8.86%, to close at $4.32 per share on September 3, 2024, on unusually heavy trading volume.
If you purchased securities of Transocean and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or fill out the form on this page.
The case is Gábor v. Transocean Ltd., et al., No. 24-cv-9964.