Transocean Faces Class Action Lawsuit Over Allegations of Misleading Statements

Class Action Filed
Law Offices of Howard G. Smith has launched a class action lawsuit on behalf of investors who purchased Transocean Ltd. (“Transocean” or the “Company”) RIG securities between October 31, 2023 and September 2, 2024 (the “Class Period”). Investors have until February 24, 2025 to submit a lead plaintiff motion.

Investor Support Available
Those who have experienced losses from their Transocean investments are encouraged to reach out to the Law Offices of Howard G. Smith at 888-638-4847 or by email at howardsmith@howardsmithlaw.com for assistance regarding their legal options in this class action.

Recent Company Developments
On September 3, 2024, before the market opened, Transocean announced that it had agreed to sell the Development Driller III and the Discoverer Inspiration for a total of $342 million as part of its strategy to dispose of non-strategic assets. The transaction would incur an estimated third-quarter non-cash charge of up to $645 million due to impairment. This means that the expected proceeds from the sale were roughly half the impairment amount the Company had to recognize.

Impact on Stock Price
Following the announcement, Transocean’s stock price dropped by $0.42, or 8.86%, ending the day at $4.32 per share, amid unusually heavy trading volume.

Allegations in the Complaint
The class action complaint alleges that during the Class Period, Defendants made materially false statements and failed to disclose critical negative information about the Company’s operations and future prospects. Specifically, it claims that Defendants did not inform investors that: (1) the Discoverer Inspiration and Development Driller III were non-strategic assets; (2) the recorded asset valuations were inflated; (3) the impairment upon sale would be nearly double the vessels’ sale price; and (4) as a result, the positive comments about the Company’s prospects were misleading.

Contact Information
If you purchased Transocean securities or have more information about these claims, please contact Howard G. Smith, Esquire, at Law Offices of Howard G. Smith, located at 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020. You may reach him by phone at (215) 638-4847 or via email at howardsmith@howardsmithlaw.com. More details are available on their website: www.howardsmithlaw.com.

Legal Notice
This press release may be considered Attorney Advertising in some jurisdictions under applicable laws and ethical standards.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241226318966/en/