Transocean Ltd. (NYSE: RIG)

This lawsuit is for anyone who acquired securities in Transocean Ltd. (NYSE: RIG) from May 1, 2023 through September 2, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by materially understating the value of the Development Driller III and the Discoverer Inspiration.

On September 3, 2024, before the market opened, Transocean announced “as part of the Company’s effort to dispose of non-strategic assets” it had agreed to sell the Development Driller III and the Discoverer Inspiration and associated assets for an aggregate $342 million. The Company 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. Otherwise stated, the Company’s expected proceeds from the sale of the Development Driller III and the Discoverer Inspiration, was only approximately half the impairment the Company was required to take for the sale. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Transocean Ltd. (NYSE: RIG) from May 1, 2023 through September 2, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.