Kirby McInerney LLP announces the filing of a securities class action on behalf of Transocean Ltd. Investors By Investing.com
New York, New York–(Newsfile Corp. – December 27, 2024) – The Law Firm of Kirby (NYSE: ) McInerney LLP announces that a class action has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Transocean Ltd (NYSE:). (“Transocean” or the “Company”) (NYSE: RIG ) securities during the period from October 31, 2023 to September 2, 2024 (the “Class Period”). Investors have until February 24, 2025 to apply to the court to be named lead plaintiff in the lawsuit.
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On September 3, 2024, before the market opened, Transocean announced “as part of the Company’s efforts to dispose of non-strategic assets” that it had agreed to sell Developer Driller III and Discovered Inspiration, the Company’s two inactive oil platforms, and related assets, for a total of $342 million . Transocean further announced that the sale will result in an estimated third-quarter non-cash charge of up to $645 million related to the impairment of the listed assets. Following this news, Transocean’s share price fell $0.42, or approximately 8.86%, from $4.74 per share on August 30, 2024, to close at $4.32 per share on September 3, 2024. .
The complaint alleges that the defendants, during the Lecture Period, made materially false and/or misleading statements, as well as failed to disclose materially negative facts about the Company’s business, operations and prospects, including: (1) Revealed inspiration and development of Driller III considered is a non-strategic asset; and (2) recorded valuations of the Company’s assets were overstated.
If you have purchased or otherwise acquired Transocean securities, have information or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com or complete the contact form below, to discuss your rights or interests in relation to these matters at no cost to you.
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Kirby McInerney LLP is a New York-based law firm specializing in securities, antitrust, whistleblower and consumer litigation. The company’s shareholder advocacy efforts in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found on the Kirby McInerney LLP website.
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