SOURCE: Brower Piven, A Professional Corporation

May 16, 2010 13:00 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in Transocean Ltd. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the July 12, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - May 16, 2010) -  Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Louisiana on behalf of purchasers of the common stock of Transocean Ltd. ("Transocean" or the "Company") (NYSE: RIG) during the period between August 5, 2009 and May 7, 2010, inclusive (the "Class Period").

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 July 12, 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. You may contact Brower Piven (through hoffman@browerpiven.com or 410/415-6616) to answer any questions you may have in that regard. 

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that in the last ten years, the defendants have been apprised of the serious hazards associated with Transocean's use of certain recurring blowout preventers ("BOP") on ultra-deepwater drilling engagements, and that 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, after, 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 and after 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 and the full extent of the disaster was absorbed by the market following the explosion and oil spill, the value of Transocean's stock declined significantly.

If you have suffered a net loss for all transactions in Transocean Ltd. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, 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 40 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

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact