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.