Press release from Business Wire
Law Offices of Howard G. Smith Announces Investigation on Behalf of Current and Former Employees of Transocean Ltd. Who Invested in the Company's 401(k) Savings Plans
Monday, May 24, 2010
Law Offices of Howard G. Smith Announces Investigation on Behalf of Current and Former Employees of Transocean Ltd. Who Invested in the Company's 401(k) Savings Plans21:00 EDT Monday, May 24, 2010 BENSALEM, Pa. (Business Wire) -- Law Offices of Howard G. Smith announces that it is investigating potential claims against Transocean Ltd. (“Transocean” or the “Company”) (NYSE:RIG) concerning whether the Company's 401(k) savings plans (the “Plans”) imprudently invested in Transocean stock and whether the Plans' administrators breached their fiduciary duties to the Plans' participants in violation of the Employee Retirement Income Security Act of 1974 (ERISA). The investigation concerns public statements issued by Transocean between August 5, 2009 and May 7, 2010. According to a shareholder lawsuit pending in the United States District Court for the Eastern District of Louisiana, during the foregoing period Transocean and certain of its executive officers failed to disclose and/or misrepresented the effectiveness of Transocean's safety protocols, recurring problems with blowout preventers (“BOP”) – including BOPs installed on the Deepwater Horizon mobile drilling platform which is currently at the center of a massive oil spill in the Gulf of Mexico – and the Company's operating and safety record. The investigation concerns whether Transocean and other administrators of the Plan failed to prudently and loyally manage the Plans' investments in Transocean stock by continuing to offer Company stock when the stock was no longer a prudent investment for participants' retirement savings. If you are a current or former employee who participated in, or continues to participate in, Transocean's 401(k) savings plans and have information or would like to learn more about these claims, please contact Howard Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, Toll-Free at (888) 638-4847, by email to firstname.lastname@example.org or visit our website at www.howardsmithlaw.com.