Transocean Shareholders Reminded of Class Action Lawsuit Deadline for Filing

Transocean Shareholder Alert: Class Action Lawsuit Reminders

Investors holding shares of Transocean Ltd. (NYSE: RIG) are being urged by ClaimsFiler, a free shareholder information service, to pay attention to an important deadline for a class action lawsuit. Those who purchased Transocean securities between October 31, 2023, and September 2, 2024, may be eligible to file lead plaintiff applications, but they must do so by February 24, 2025.

Background of the Case

The lawsuit against Transocean alleges that the company and certain executives failed to disclose crucial information during the designated class period, violating federal securities laws. Investors claim the company made misleading statements regarding its operations, particularly in relation to asset valuations and strategic decisions surrounding its assets.

Specifically, the complaint indicates that:
1. The Discoverer Inspiration and Development Driller III were inaccurately classified as non-strategic assets.
2. The valuations reported by Transocean were inflated.
3. If these assets were to be sold, the company would suffer significant impairment losses, nearly double the sale price.
4. Consequently, the upbeat statements made by the executives about the company lacked a factual basis and misled investors.

On September 3, 2024, Transocean disclosed its intention to sell the Development Driller III and Discoverer Inspiration rigs for around $342 million. This decision was framed as a move to offload non-strategic assets. However, following this news, the company announced it would recognize a non-cash impairment charge up to $645 million in association with these assets. As a direct result, Transocean's share price plummeted by $0.42, or 8.86%, settling at $4.32 per share amidst high trading volumes.

Importance of Acting Promptly

The case, named Gábor v. Transocean Ltd., et al., is currently in litigation at the United States District Court for the Southern District of New York. Investors are encouraged to take swift action to secure their potential claims. To assist investors in understanding their rights and responsibilities, ClaimsFiler provides essential resources, including a platform where investors can register for free, access information about various securities class action lawsuits, and submit claims.

ClaimsFiler highlights its mission to aid retail investors in recovering funds tied to securities class action settlements, often amounting to billions of dollars. Interested investors can visit ClaimsFiler.com to find more details, including the ability to upload transactional data and request evaluations from the legal team at Kahn Swick & Foti, LLC.

Conclusion

Transocean shareholders who suffered losses exceeding $100,000 during the class period should take note of the essential February 24, 2025, deadline for filing lead plaintiff applications. Timely action may enable them to recover part of their investment losses and hold the company accountable for claims of misleading information. Investors can find support and further details through ClaimsFiler’s dedicated platforms. Don't miss the opportunity to participate in this significant legal action against Transocean Ltd.