On February 7, 2025, a federal securities class action complaint was filed against Transocean Ltd. (“Transocean” or the “Company”) (NYSE: RIG) in United States District Court, Southern District of New York, on behalf of investors who purchased or otherwise acquired Transocean securities between May 1, 2023 and September 2, 2024, inclusive (the “Class Period”).
Class Action Complaint Allegations
Throughout the Class Period, the defendants allegedly failed to disclose that the Discoverer Inspiration and the Development Driller III were considered non-strategic assets; Transocean’s recorded asset valuations were overstated; and the sale of these rigs would result in a significant impairment charge of nearly twice the sale price of the vessels.
According to the complaint, “[i]nvestors began to question the veracity of [d]efendants’ public statements on September 3, 2024 when Transocean announced, while the market was closed, ‘as part of the Company’s effort to dispose of non-strategic assets[,]’ the Company had agreed to sell the Development Driller III and the Discoverer Inspiration and associated other assets for an aggregate $342 million.”
Transocean, according to the complaint, “. . . further announced that the sales would result in an estimated third-quarter non-cash charge of up to $645 million associated with the impairment of said assets. Therefore, the Company’s expected proceeds from the sale of the two aforementioned rigs was only approximately half the impairment the Company was required to take for the sale.”
When this news entered the market, Transocean’s stock price declined, closing at $4.32 per share on September 3, 2024.
Transocean Investors May Have Legal Claims
Investors who acquired Transocean stock during the Class Period may have legal claims. To learn more about the class action lawsuit or explore your legal options, please send us a message or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], for a free, no-obligation legal evaluation.
About Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff-side class action law firm specializing in securities fraud, breaches of fiduciary duties, and corporate misconduct. Collectively, the firm’s partners have served as Lead Counsel or Co-Lead Counsel in high-profile cases that have recovered more than $10 billion for both institutional and individual investors.
Kehoe Law Firm’s legal services are provided on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses.
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