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RIG.US
id: 1458
Transocean (RIG) Asset Valuation and Misrepresentation Case
S.D. New York
Court1:24-CV-09964
Case number10/31/2023
Class period Start09/02/2024
Class period End02/24/2025
Lead Plaintiff motion deadline- $RIG investors filed a lawsuit against Transocean, alleging it misled shareholders about the valuation of key assets and the financial health of the company.
- On September 3, 2024, Transocean announced the sale of two rigs, revealing an impairment charge of up to $645 million. Following this news, $RIG stock dropped by 8.86%.
Case Details:
Between October 31, 2023, and September 2, 2024, Transocean assured investors of its strong financial health and the high value of its offshore drilling fleet. The company emphasized that its rigs were in high demand and held long-term strategic value.
On August 1, 2024, CEO Jeremy D. Thigpen stated that the Development Driller III and Discoverer Inspiration were strategic assets being kept idle for profitable long-term contracts.
However, on September 3, 2024, Transocean revealed it had sold both rigs for $342 million and would take a $645 million non-cash impairment charge—nearly double the sale price.
This admission contradicted the company’s earlier claims about the rigs’ value and importance.
Following this, $RIG dropped by 8.86%.
Based on these events, $RIG investors filed a lawsuit against Transocean, claiming the company:
- It misled investors about the valuation and strategic importance of its offshore drilling assets.
- It failed to disclose the financial risks tied to its asset sales and impairments.
Investors believe Transocean overstated its asset values and financial health.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements,
Failure to Disclose
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
09/03/2024
Filing date
12/26/2024
Lead Plaintiff Deadline
02/24/2025