NEW ORLEANS, Dec. 8, 2014 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until February 3, 2015 to file lead plaintiff applications in a securities class action lawsuit against SeaDrill Limited (NYSE:SDRL) if they purchased the Company's American Depository Receipts ("ADRs") between July 10, 2014 and November 25, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of SeaDrill and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by February 3, 2015.
About the Lawsuit
SeaDrill and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
These false statements and omissions included, in part, that: (i) demand for new work for SeaDrill's offshore drilling equipment had fallen; (ii) the more than 60 new-builds entering the global market in 2015 were creating an over-supply of rigs and ship; and (iii) SeaDrill's massive $13.2 Billion debt load and its need to finance new builds rendered it unable to maintain its dividend.
On November 26, 2014, SeaDrill announced disappointing third quarter 2014 results, disclosing that it had missed its profit targets and was indefinitely suspending its dividend, citing its need to pay down debt to strengthen its balance sheet.
On this news, the value of SeaDrill's ADRs plummeted by almost 23%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.