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Case Status:    ONGOING    
On or around 10/22/2020 (Date of last review)

Filing Date: August 20, 2019

According to the Complaint, Valaris provides offshore drilling services in various water depths worldwide, operating a rig fleet of ultradeepwater drillships, versatile semisubmersibles, and modern shallow-water jackups. The Company’s offshore fleet includes sixteen drillships, twelve semisubmersibles, fifty-four jackups, and two deepwater managed units.

The Complaint alleges that throughout the Class Period, the Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges the Defendants failed to disclose to investors that: (i) the Company was plagued by a weak ultra-deepwater segment, massive cash usage, and significant negative cash flow; (ii) the foregoing was reasonably likely to have a material negative impact on the Company’s second quarter 2019 results; (iii) the merger leading to Valaris’s establishment could not deliver on its touted benefits; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On December 23, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. On September 14, 2020, the Company Issuer filed a Notice of Bankruptcy.


Sector: Energy
Industry: Oil & Gas Operations
Headquarters: United Kingdom


Ticker Symbol: VAL
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 #: 19-CV-07816
JUDGE: Hon. Naomi Reice Buchwald
DATE FILED: 08/20/2019
CLASS PERIOD END: 07/31/2019
  1. Pomerantz LLP (New York)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available