PHILADELPHIA, May 14, 2010 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. commenced a class action lawsuit in the United States District Court, Eastern District of Louisiana, 10cv01467, on behalf of all persons who purchased or otherwise acquired the common stock of Transocean, Ltd. (NYSE:RIG), between August 5, 2009 and May 7, 2010, inclusive (the "Class Period"), against Transocean and certain of its officers and/or directors for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934. The action is pending before Judge Zainey. If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from May 13, 2010. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. A copy of the complaint can be viewed on the Law Offices Bernard M. Gross, P.C. website at www.bernardmgross.com. ;
Transocean is an international provider of offshore contract drilling services for oil and gas wells around the globe. The Complaint alleges that defendants made false and misleading statements and omitted to disclose material information during the Class Period concerning the Company's deficient safety efforts, the heightened hazards associated with the blowout preventers aka "BOPs" used by the Company, the likelihood that the equipment required to drill at depths such as those encountered by the Deepwater Horizon would likely render Transocean's safety protocols, including the BOPs, ineffective; and the Company's significant exposure to liability as a result of these unmitigated hazards, which caused Transocean's publicly traded securities to be artificially inflated during the Class Period. Defendants claimed that they had remedied past safety problems and were closely monitoring the Company's equipment, while omitting to disclose material information concerning Transocean's safety failures and recurring BOP issues. Defendants misled investors by concealing that the Company was unable to eliminate BOP issues and had not rectified the prior BOP failure. As a result of defendants' false statements, Transocean's common stock traded at artificially inflated prices during the Class Period, reaching a high of $94.88 per share on January 4, 2010.
The plaintiff is represented by Law Offices Bernard M. Gross, P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
PLEASE CONTACT: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esquire
Deborah R. Gross, Esquire
Telephone: 866-561-3600 (toll free) or 215-561-3600
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com
Website: http://www.bernardmgross.com ;