NEW ORLEANS--(BUSINESS WIRE)--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), if they purchased the Company’s securities between October 31, 2023 and September 2, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
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 visit https://www.ksfcounsel.com/cases/nyse-rig/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by February 24, 2025.
About the Lawsuit
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.
The case is Gábor v. Transocean Ltd., et al., No. 24-cv-9964.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
