The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

Kendall Law Group Plans Class Action on Behalf of Transocean Ltd. Stockholders

Monday, May 17, 2010

Kendall Law Group Plans Class Action on Behalf of Transocean Ltd. Stockholders16:16 EDT Monday, May 17, 2010 DALLAS (Business Wire) -- Kendall Law Group announced today that it plans to join a lawsuit on behalf of shareholders of Transocean Ltd. (NYSE:RIG), alleging securities violations by the Company and its Chief Executive Officer for violations of the federal securities laws. False and misleading public statements filed by the Company caused artificially inflated stock prices from August 5, 2009 to May 7, 2010. If you wish to learn more about your rights as a shareholder or have information concerning this action, you are encouraged to contact attorney Scott Kendall at 877-744-3728 or skendall@kendalllawgroup.com. Any shareholder who purchased Transocean stock during this time period may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by July 12, 2010. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff. On April 20, 2010 an explosion occurred on Transocean's semi-submersible drilling rig Deepwater Horizon. The resulting fire caused the death of eleven crew members, the sinking of the rig and a massive oil spill in the Gulf of Mexico. As the details emerged about the disaster, RIG common stock fell over $25, closing at $66.34 per share on May 10, 2010. A class action complaint has been filed in the Eastern District of Louisiana alleging Transocean and its CEO engaged in the release of false and misleading statements about the Company's operations and safety record. According to the complaint, Transocean concealed the known hazards associated with its use of certain blowout preventers on ultra-deepwater drilling engagement from investors in its 2009 and 2010 statements. Kendall Law Group has the credentials and experience to pursue any type of complex securities litigation in the nation. The firm led by former federal judge and former U.S. Attorney, is a national securities firm that represents shareholders when publicly traded companies violate the law. Shareholders who purchased Transocean common stock before or during the relevant period may have a claim against the company and are urged to contact attorney Scott Kendall for more information.