NEW YORK, Jan. 14, 2015 (GLOBE NEWSWIRE) -- Attorney Advertising. Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of SeaDrill Limited ("Seadrill" or the "Company") (NYSE:SDRL), American Depository Receipts ("ADRs") during the period between July 10, 2014 and November 25, 2014 (the "Class Period").
The Complaint charges Seadrill and certain of its executives with violations of federal securities laws. The complaint alleges that during the Class Period defendants issued materially false and misleading financial information to investors. Specifically the complaint alleges the following: (i) Despite the Company's oft-repeated Class Period claims of having a strong backlog of existing work for its ships and rigs, 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 ships in 2015 and 2016, pressuring day-rates and thus ship value; (iii) Seadrill's massive $13.2 billion debt load, combined with its need to finance its new builds, rendered the Company unable to maintain its dividend; and (iv) as result of the forgoing, the Company was not on track to achieve the financial results Defendants had led the market to expect during the Class period, and the dividend needed to be cut to meet Seadrill's other financial commitments.
Plaintiff seeks to recover damages on behalf of all shareholders who purchased shares of Seadrill during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Seadrill you have until February 3, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.