NEW YORK, Aug. 13, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Valaris plc. (“Valaris” or the “Company”) (NYSE: VAL). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Valaris and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On April 11, 2019, Ensco plc and Rowan Companies plc merged to form Ensco Rowan plc, which was touted as an industry-leading offshore driller. On July 2, 2019, Ensco Rowan plc announced that it will change its name to Valaris plc, effective July 31, 2019. On July 31, 2019, Valaris announced its second-quarter 2019 results—its first earnings report post-merger. The Company’s financial results missed market expectations and “shock[ed] investors with massive cash usage [and] surprisingly weak outlook for the ultra-deepwater segment with further day rate recovery likely delayed until at least the second half of next year.” Moreover, the Company’s free cash flow for the quarter was “negative by a whopping $375M, causing the company’s remaining pro forma cash balance adjusted for roughly $741M in payments related to the recent debt tender offer to decline to just $353M.”
On this news, Valaris’ stock price fell, $3.25 per share, or approximately 39%, over the next two trading days, to close at $5.02 per share on August 2, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980