Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Investors who lost more than $75,000 in Transocean are encouraged to contact him directly to discuss their options.
If you suffer a loss of more than $75,000 transocean From October 31, 2023 to September 2, 2024 If you would like to discuss your legal rights, please call Faruqi and Faruqi Partners. josh wilson direct in 877-247-4292 or 212-983-9330 (extension 1310).
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New York, New York–(Newsfile Corp. – January 19, 2025) – Faruqi & Faruqi, LLP, one of the nation’s leading securities law firms, is investigating potential claims against the United States. Transocean Co., Ltd. (New York Stock Exchange:). (“Transocean” or the “Company”) (NYSE: RIG) and reminds investors that: Deadline: February 24, 2025 To seek the role of lead plaintiff in a federal securities class action lawsuit brought against us.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California, and Georgia. The company has collected hundreds of millions of dollars from investors since its founding in 1995. Visit www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its officers violated federal securities laws by making false and/or misleading statements and/or failing to disclose: I am doing it. (2) the assessed value of the Company’s assets was overvalued; (3) As a result, if we were to sell a vessel, we would have to write down nearly twice the sale price as an impairment loss. (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, before the market opens, Transocean acquired the development Driller III and Discoverer Inspiration and related assets for a total of $342 million “as part of the Company’s efforts to dispose of non-strategic assets.” announced that they had agreed to sell it. The company further announced that the sale is expected to result in non-cash charges of up to $645 million in the third quarter related to the impairment of these assets. Unless otherwise specified, the Company’s expected proceeds from the sale of Development Driller III and Discoverer Inspiration were only approximately one-half of the impairment charge required by the Company on the sale.
Following this news, the company’s stock price fell $0.42 (8.86%) to close at $4.32 per share on September 3, 2024, due to unusual trading volume.
A court-appointed lead plaintiff is the investor with the greatest economic interest in the relief sought by the class and is an appropriate and typical class member to direct and oversee the litigation on behalf of the class. Any member of the putative class may petition the court to serve as lead plaintiff through an attorney of his or her choice, or may elect to take no action and remain an absent class member. . Your ability to participate in the recovery is not affected by your decision to become a lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information about Transocean’s conduct, including whistleblowers, former employees and shareholders, to contact the company.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237461.
