Transocean(US:RIG) Prnewswireยท2025-01-27 10:45Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Transocean Ltd. regarding a class action lawsuit due to alleged misleading statements and overstatements of asset valuations during a specified class period [1]. Group 1: Allegations - The complaint alleges that during the class period, Transocean Ltd. made materially false and/or misleading statements and failed to disclose that the oil rigs Discoverer Inspiration and Development Driller III were considered non-strategic assets [1] - It is claimed that the company's recorded asset valuations were overstated, leading to potential impairment nearly double the vessels' sale price if sold [1] - As a result of these issues, the positive statements made by the defendants about the company's business, operations, and prospects were materially misleading and lacked a reasonable basis [1]. Group 2: Class Action Details - The class period for the lawsuit is defined as October 31, 2023, to September 2, 2024, with a deadline for shareholders to register for the class action set for February 24, 2025 [2] - Shareholders who register will be enrolled in a portfolio monitoring software to receive status updates throughout the lifecycle of the case [2] - There is no cost or obligation for shareholders to participate in this case [2]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting the rights of investors who have suffered due to deceit, fraud, and illegal business practices [3] - The firm aims to ensure that companies adhere to responsible business practices and seeks recovery for investors who incurred losses from misleading statements or omissions that led to artificial inflation of stock prices [3].