REPOST FROM Marketwatch.com. It reads..
NEW YORK, Mar 30, 2015 (GLOBE NEWSWIRE via COMTEX) —
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 SDRL, -2.54% 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 firstname.lastname@example.org or email@example.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 firstname.lastname@example.org or email@example.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Marc Primo Pulisci has been practicing law in California for over 10 years.