Levi & Korsinsky LLP

04/28/2025 | Press release | Distributed by Public on 04/28/2025 14:24

Court Appoints Levi & Korsinsky in RIG Case

Gabor v. Transocean Ltd., et al and Matteson v. Transocean Ltd., et al are securities class action cases pending before the U.S. District Court, Southern District of New York.

In both cases, Plaintiffs bring securities fraud allegations against Transocean and some of its executives. The Plaintiffs allege defendants made false and misleading statements about Transocean's financial position on its financial statements and inaccurately estimated the value of its assets. When Transocean agreed to sell two of its rigs in September 2024, the Company had to take a $684 million impairment due to the Company's grossly inaccurate estimates of its assets. As a result, Plaintiffs brought this case.

On April 23, 2025, Hon. Analisa Torres issued an Order consolidating these cases, appointing lead plaintiff, and appointing lead counsel. Judge Torres appointed John Mahoney as lead plaintiff in the case. Judge Torres also appointed Levi & Korsinsky as lead counsel. In making the appointment, the Court cited Levi & Korsinsky's "extensive experience with securities class actions."

The consolidate case is In re Transocean Ltd. Securities Litigation, case no. 1:24-cv-00964-AT.

A copy of the Order can be found here.