Investors Urged to Take Action in Transocean Class Action Lawsuit by Former Louisiana Attorney General

Important Alert for Transocean Investors

In a recent announcement, Kahn Swick & Foti, LLC (KSF), led by former Louisiana Attorney General Charles C. Foti, Jr., issued a vital reminder to shareholders of Transocean Ltd. (NYSE: RIG). If you have incurred losses exceeding $100,000 while trading the company's securities during the specific class period—between October 31, 2023, and September 2, 2024—you are urged to act swiftly. The deadline for filing lead plaintiff applications in the ongoing securities class action lawsuit is set for February 24, 2025.

Legal Context and Background

The class action, currently pending in the United States District Court for the Southern District of New York, targets Transocean and several of its executives, alleging that they failed to disclose essential information that could influence shareholders' investment decisions. The accusations include significant omissions and misleading statements regarding the financial health and asset valuations of the company, which, according to claims, may have artificially inflated its stock prices.

Among the key allegations are claims that assets, specifically the Discoverer Inspiration and Development Driller III, were misclassified as strategic when they were, in fact, non-strategic. Furthermore, the company purportedly overstated the value of these vessels and will incur substantial impairments upon their sale.

This lawsuit gained traction following an announcement on September 3, 2024, when Transocean disclosed it had agreed to a sale of these oil rigs for a combined total of $342 million. This news sent shockwaves through the market, resulting in an 8.86% drop in the company’s stock price, closing at $4.32 per share. Investors were reportedly unaware of the underlying issues related to these transactions prior to the announcement, indicating a possible breach of confidence and responsibility on the part of the company’s executives.

Next Steps for Affected Investors

Investors who believe they may be affected by these developments are encouraged to reach out to KSF for guidance on their legal rights. The firm offers consultations at no obligation, ensuring that investors can understand the potential impacts of this lawsuit. KSF Managing Partner Lewis Kahn can be contacted at 1-877-515-1850, or via email at [email protected]. For those seeking to take on the role of the lead plaintiff in this class action, it's crucial to file a petition with the court by the February deadline.

The lawsuit, known as Gábor v. Transocean Ltd., et al., highlights serious concerns surrounding corporate governance and transparency. As the case unfolds, it underscores the importance of due diligence and accountability among publicly traded companies and their executives. Investors of Transocean should remain vigilant and informed, especially during these turbulent times in the financial markets.

About Kahn Swick & Foti

Kahn Swick & Foti, LLC stands as one of the leading boutique law firms specializing in securities litigation across the United States. With a commitment to serving a diverse array of clients, including institutional investors and retail shareholders, KSF has established itself in the pursuit of justice and recovery for those impacted by corporate misconduct. Having offices located in major U.S. cities, KSF combines regional expertise with nationwide reach to ensure the best outcomes for its clients.

For further information about KSF and their commitment to investor rights, visit their website at www.ksfcounsel.com.