NEW YORK, Jan. 2, 2025 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Transocean Ltd. ("Transocean" or the "Company") (NYSE: RIG). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Transocean and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On September 3, 2024, Transocean announced that "as part of the Company's effort to dispose of non-strategic assets" it had agreed to sell two of its idle rigs, the Development Driller III and the Discoverer Inspiration, as well as 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 Company's share price fell $0.42 per share, or 8.86%, to close at $4.32 per share on September 3, 2024, on unusually heavy trading volume.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
