Transocean Investors Invited to Lead Class Action Lawsuit

Transocean Investors Invited to Lead Class Action Lawsuit

2025-01-04 companies

Geneva, Saturday, 4 January 2025.
Transocean Ltd. investors with significant losses can lead a lawsuit, alleging mismanagement and seeking financial redress. The lawsuit concerns securities violations from October 2023 to September 2024.

Multiple law firms have announced a class action lawsuit against Transocean Ltd. (NYSE: RIG), filed in the United States District Court for the Southern District of New York [1][3]. The case, titled Gábor v. Transocean Ltd., No. 24-cv-09964, covers investors who purchased securities during the class period from October 31, 2023, to September 2, 2024 [1][2]. Affected investors have until February 24, 2025, to seek appointment as lead plaintiff [1][2][3].

Core Allegations

The lawsuit centers on allegations that Transocean, an offshore drilling contractor, made false and misleading statements about its assets and business prospects [2][4]. Specifically, the company is accused of failing to disclose the non-strategic status of two vessels: the Discoverer Inspiration and Development Driller III [1]. On September 3, 2024, Transocean announced the sale of these rigs for $342 million, resulting in a substantial non-cash impairment charge of up to $645 million [1][2].

Financial Impact

Following the announcement of the vessel sales and impairment charge, Transocean’s stock price experienced a significant decline, falling by $0.42, or 8.86 percent, to close at $4.32 per share on September 3, 2024 [6]. This price movement has prompted several prominent law firms, including Robbins Geller Rudman & Dowd LLP, which has recovered $6.6 billion for investors in securities-related cases over the past four years [1], to initiate legal proceedings.

Investor Participation

Investors who purchased Transocean securities during the specified period and experienced losses are encouraged to consider serving as lead plaintiff [5]. The lead plaintiff will have the authority to select legal representation and oversee the litigation process [1]. Notably, several prominent law firms including Rosen Law Firm, Bragar Eagel & Squire, P.C., and Kahn Swick & Foti, LLC are currently involved in representing affected investors [3][5][6].

Sources


class action Transocean