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.