SOURCE: Brower Piven, A Professional Corporation

October 08, 2010 15:10 ET

Brower Piven Announces Class Action Lawsuit on Behalf of Investors Who Exchanged Their Shares of GlobalSantaFe Corporation for Cash and Transocean Ltd. Shares at the Time the Merger Closed and Encourages Investors to Inquire About the Lead Plaintiff Position Before the December 3, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - October 8, 2010) -  Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of all GlobalSantaFe (NYSE: GSF) shareholders and their successors-in-interest who suffered harm during the period beginning October 2, 2007 and April 20, 2010, inclusive (the "Class Period") as a result of the Company's false October 7, 2007 proxy.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 3, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint, brought on behalf of investors of GlobalSantaFe Corporation shareholders who received consideration for their each of their GlobalSantaFe shares in the form of $22.46 in cash plus .4757 Transocean shares, accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company during the Class Period disseminating a proxy statement on October 2, 2007 that contained false and material statements and omissions regarding Transocean's dangerously lax safety protocols for oil drilling and reoccurring issues with the Company's blowout preventer technology and that failed to inform GlobalSantaFe shareholders that, in the pursuit of short-term gains, Transocean had failed to adequately address repeated safety lapses and equipment failures, creating an unacceptably high risk of oil rig disasters having potentially catastrophic consequences for Transocean's employees, the environment, and Transocean's own profitability. According to the complaint, as a result of the dissemination of the inaccurate and/or incomplete proxy statement on October 2, 2007, GlobalSantaFe shareholders were induced to vote in favor of the transaction without access to full and complete information that would have allowed them to cast a fully informed vote such that they would have demanded greater consideration for their GlobalSantaFe shares.

If you have suffered a net loss for all transactions in common stock (securities) during the Class Period, (including shares or possibly calls purchased during, but not sold until after the end of the Class Period or possibly put options sold but not covered until after the end of the Class Period), you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    Email Contact