Case Page

 

Case Status:    DISMISSED    
On or around 03/20/2012 (Date of order of final judgment)

Filing Date: May 13, 2010

According to a press release dated May 13, 2010, 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.

Several class actions have been filed in the U.S. District Courts for the Eastern District of Louisiana, the Southern District of New York, and the Southern District of Texas.

On September 3, 2010, pursuant to Fed. R. Civ. P. 41(a)(1), the Plaintiffs in the first filed complaint voluntarily dismissed the Complaint against the Defendants without prejudice. The case is continuing in the Southern District of New York, Foley, et al. v. Transocean Ltd., et al., case number 10-CV-05233. Motions for appointment of lead plaintiff have been filed. A motion to transfer the action to the Southern District of Texas was filed on December 14, 2010.

On January 4, 2011, Judge Naomi Reice Buchwald appointed Danica Pension as lead plaintiff, and approved its selection of lead and liaison counsel. Danica has selected Barroway Topaz Kessler Meltzer & Check, LLP as its lead counsel and Bernstein Litowitz Berger & Grossman LLP as its liaison counsel. March 18, 2011, the plaintiffs filed a Consolidated Class Action Complaint, adding an individual as named defendant in the action.

On March 20, 2012, the Court entered an order granting the defendants' motion to dismiss.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil Well Services & Equipment
Headquarters: Switzerland

SECURITIES INFORMATION:

Ticker Symbol: RIG
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 10-CV-01467
JUDGE: Hon. Jay C. Zainey
DATE FILED: 05/13/2010
CLASS PERIOD START: 08/05/2009
CLASS PERIOD END: 05/07/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Booth & Booth, APLC
    138 North Cortez Street, Booth & Booth, APLC, LA 70119
    504.482.5292 800-469-2185 ·
  2. Jaroslawicz & Jaros (New York)
    225 Broadway, 24th Floor, Jaroslawicz & Jaros (New York), NY 10007
    212.227.2780 212.227.2780 · info@jaroslawiczandjaros.com
  3. Law Offices of Bernard M. Gross (Philadelphia)
    John Wanamaker Building; 100 Penn Square East, Suite 450, Law Offices of Bernard M. Gross (Philadelphia), PA 19107
    215.561.3600 215.561.3600 · susang@bernardmgross.com
  4. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 10-CV-05233
JUDGE: Hon. Jay C. Zainey
DATE FILED: 03/18/2011
CLASS PERIOD START: 08/05/2009
CLASS PERIOD END: 07/23/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barroway Topaz Kessler Meltzer & Check, LLP (Radnor)
    280 King of Prussia Road, Barroway Topaz Kessler Meltzer & Check, LLP (Radnor), PA 19087
    610.667.7706 610.667.7706 · info@btkmc.com
No Document Title Filing Date
No Document Title Filing Date