SAN DIEGO, Dec. 31, 2024 /PRNewswire/ — Robbins LLP informs investors that a class action was filed on behalf of all persons and entities that purchased or otherwise acquired Transocean Ltd. (NYSE: RIG) securities between October 13, 2023 and September 2, 2024. Transocean, together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide.
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The Allegations: Robbins LLP is Investigating Allegations that Transocean Ltd. (RIG) Misled Investors Regarding its Business Prospects
According to the complaint, during the class period, defendants failed to disclose that: 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) that, 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. Plaintiff alleges that when the truth was revealed, the Company’s share price fell $0.42, or 8.86%, to close at $4.32 per share on September 3, 2024, on unusually heavy trading volume.
What Now: You may be eligible to participate in the class action against Transocean Ltd. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by February 26, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.
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SOURCE Robbins LLP
