Faruqi & Faruqi, LLP is investigating the claims on behalf of Transocean investors By Investing.com

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Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses greater than $75,000 in Transocean to contact him directly to discuss their options

If you have suffered losses greater than $75,000 overseas between October 31, 2023 and September 2, 2024 and want to discuss your legal rights, call a Faruqi & Faruqi partner Josh Wilson direct on 877-247-4292 or 212-983-9330 (ext. 1310).

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New York, New York–(Newsfile Corp. – January 4, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Transocean Ltd (NYSE:). (“Transocean” or the “Company”) (NYSE: RIG) and reminds investors of February 24, 2025 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its inception in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Discoverer Inspiration and Development Driller III were considered non-strategic property; (2) recorded valuations of the Company’s assets were overstated; (3) as a result, in the event of a sale, the Company would take a reduction in value almost twice the selling price of the vessel; and (4) that, as a result of the foregoing, the defendant’s positive statements about the Company’s business, operations and prospects were materially misleading and/or had no reasonable basis.

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 Development Driller III and Discoverer Inspiration and related assets for a total of $342 million. The company 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. In other words, the Company’s expected proceeds from the sale of the Development Driller III and Discoverer Inspiration were only approximately half of the impairment charge the Company was required to take for the sale.

Following this news, the Company’s share price fell $0.42, or 8.86%, to $4.32 per share on September 3, 2024, due to unusually high trading volume.

A court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class, who is adequate and typical of the class members and who directs and oversees the litigation on behalf of the putative class. Any putative class member may propose to the Court to serve as lead plaintiff through counsel of his or her choosing, or may choose to do nothing and remain an absent class member. Your ability to participate in any recovery is not affected by the decision whether or not you will be the lead plaintiff.

Faruqi & Faruqi, LLP also encourages anyone with information about Transocean’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.

Advertising of lawyers. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.

To view the original version of this press release, visit https://www.newsfilecorp.com/release/236033

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