Litigation

Securities Class Action Lawsuit Filed Against Deepwater Horizon Rig Operator

BENSALEM, Pa. — A class action lawsuit on behalf of the purchasers of the common stock of Transocean Ltd. between Aug. 5, 2009, and May 7, 2010, was filed May 13 in the U.S. District Court for the Eastern District of Louisiana (Yuen, et al. v. Transocean Ltd., et al., No. 2:10cv1467, E.D. La.).

Transocean provides offshore contract drilling services for oil and gas wells worldwide and was the owner/operator of the Deepwater Horizon mobile drilling platform which exploded April 20, 2010, causing a massive oil spill in the Gulf of Mexico.

The lawsuit alleges that certain statements made by the company during this period about the company’s operations and equipment, including the safety, functioning and effectiveness of blow-out preventers installed on the Deepwater Horizon platform, were false or misleading.

The complaint was filed by The Law Offices of Howard G. Smith in Bensalem.

Download the complaint here.