Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Transocean Ltd.
Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) ( http://www.rgrdlaw.com/cases/transocean/) today announced that a class action has been commenced in the United States District Court for the Eastern District of Louisiana on behalf of purchasers of Transocean Ltd. (“Transocean”) (NYSE:RIG) common stock during the period between August 5, 2009 and May 7, 2010, inclusive (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs’ counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at email@example.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/transocean/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Transocean and its Chief Executive Officer with violations of the Securities Exchange Act of 1934 in connection with the dissemination of false and misleading statements about the Company’s deficient safety protocols, recurring blowout preventer (“BOP”) problems, and its operating and safety record. Transocean is an owner and/or operator of approximately 140 mobile offshore drilling units.
The complaint alleges that in the last ten years, the defendants have been apprised of the serious hazards associated with Transocean’s use of certain BOPs on ultra-deepwater drilling engagements. Despite these warnings and defendants’ knowledge that a BOP failure would likely result in scores of fatalities and millions of gallons of oil being released into the surrounding waters, defendants opted to conceal their knowledge of these known hazards while making false and misleading statements throughout 2009 and into 2010. Then, on April 20, 2010, an explosion on Transocean’s semi-submersible drilling rig Deepwater Horizon (“Horizon”) caused a fire which resulted in the sinking of the Horizon. Eleven crew members lost their lives and seventeen others were injured. Additionally, the subsequent failure of Horizon’s safety mechanisms, including the BOP, led to a massive oil spill which covers an estimated surface area of at least 2,500 square miles. As the truth about the full extent of the disaster was absorbed by the market over the two weeks following the explosion and oil spill, Transocean shares fell $25.69 per share, closing at $66.34 per share on May 10, 2010.
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