EQUITY ALERT: Rosen Law Firm Announces Lead Plaintiff Deadline in Class Action Against SeaDrill Limited - SDRL
31 March 2015 - 11:20AM
The Rosen Law Firm, a global investor-rights firm, announces that
class action lawsuits have been filed on behalf of: (1) purchasers
of the American Depository Receipts ("ADRs") of SeaDrill
(NYSE:SDRL) between July 10, 2014 and November 25, 2014, inclusive;
(2) persons and entities who purchased or acquired ADRs of SeaDrill
between May 28, 2014 and November 25, 2014, inclusive; and (3)
those who purchased or otherwise acquired the securities of
SeaDrill between May 28, 2014 and November 25, 2014, inclusive,
including (3a) purchasers of SeaDrill ADRs; (3b) purchasers of
SeaDrill's call options; and (3c) sellers of SeaDrill's put
options. If you wish to serve as lead plaintiff, you must move the
Court no later than May 29, 2015. A lead plaintiff is a
representative party directing and overseeing the litigation.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL
A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO
NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR
CHOICE.
To join the SeaDrill class action, go to the website
http://www.rosenlegal.com/cases-458.html or call Jonathan Horne,
Esq. or Phillip Kim toll-free at 866-767-3653 or email
pkim@rosenlegal.com or jhorne@rosenlegal.com for information on the
class action.
The lawsuit claims that statements about the strength of
SeaDrill's business and prospects issued by defendants was
materially false and misleading. Additionally, SeaDrill has
historically paid a large dividend, which it raised twice in early
2014 resulting in the Company paying a $1 per share quarterly
dividend during the last two quarters of 2014. Defendants
maintained that due to the Company's strong backlog and the
strength of its balance sheet, despite any turbulence in the oil
industry, the Company would not cut its $4 per share annual
dividend. As a result of defendants' statements, SeaDrill ADRs
traded at artificially inflated prices, reaching a high of over $38
per ADR in July 2014.
On November 26, 2014, before the markets opened, SeaDrill
reported disappointing third quarter 2014 financial results (for
the period ended September 30, 2014), announcing that it had missed
its profit targets. In addition, the Company disclosed that it
was indefinitely suspending its dividend, citing the Company's need
to pay down its debt to strengthen its balance sheet. The
Company also disclosed that its Board of Directors had authorized
the repurchase of up to 10% of its outstanding shares. On this
news, the price of SeaDrill ADRs fell from $20.71 per ADR to $15.99
per ADR on extremely heavy trading volume, a 58% decline from the
ADRs' high of over $38 per ADR.
A class action lawsuit has already been filed. If you wish to
serve as lead plaintiff, you must move the Court no later than May
29, 2015. If you wish to join the class action go to
http://www.rosenlegal.com/cases-458.html or to discuss your rights
or interests regarding this class action, please contact, Phillip
Kim, Esq. or Jonathan Horne, Esq. of The Rosen Law Firm toll free
at 866-767-3653 or via e-mail at pkim@rosenlegal.com or
jhorne@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
CONTACT: Laurence Rosen, Esq.
Phillip Kim, Esq.
Jonathan Horne, Esq.
The Rosen Law Firm P.A.
275 Madison Avenue, 34th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
jhorne@rosenlegal.com
www.rosenlegal.com
Seadrill (NYSE:SDRL)
Historical Stock Chart
From Apr 2024 to May 2024
Seadrill (NYSE:SDRL)
Historical Stock Chart
From May 2023 to May 2024