Seadrill Ltd (NYSE: SDRL) Investor Securities Class Action Lawsuit 12/05/2014

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Company Name(s): 
Seadrill
Case Name: 
Seadrill Shareholder Class Action Lawsuit 12/05/2014
Case Status: 
Case Dismissed
Affected Securities
NYSE: SDRL
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/05/2014
Class Period Begin: 
07/10/2014
Class Period End: 
11/25/2014
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
02/03/2015
Case Dismissed: 
06/20/2016
Summary: 

July 14, 2016 - The court dismissed the case with prejudice.

June 20, 2016 - The court granted defendants' motion to dismiss with leave to amend.

October 13, 2015 - Defendants filed a motion to dismiss.

July 23, 2015 - The lead plaintiff filed an amended consolidated complaint.

June 23, 2015 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

March 24, 2015 - All cases were consolidated.

February 3, 2015 - Lead plaintiff motions were filed.

December 5, 2014 - An investor in shares of Seadrill Ltd (NYSE: SDRL) filed a lawsuit in the U.S. District Court for the Southern District of New York against Seadrill Ltd over alleged violations of Federal Securities Laws by Seadrill Ltd in connection with certain allegedly false and misleading statements made between July 10, 2014 and November 25, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Seadrill Ltd (NYSE: SDRL) common shares between July 10, 2014 and November 25, 2014, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between July 10, 2014 and November 25, 2014 defendants made allegedly false and misleading statements about the strength of Seadrill Ltd’s business and prospects. The plaintiff alleges that between July 10, 2014 and November 25, 2014 defendants maintained that due to Seadrill Ltd’s strong backlog and the strength of its balance sheet, despite any turbulence in the oil industry, Seadrill Ltd would not cut its $4 per share annual dividend and that as a result of defendants’ statements between July 10, 2014 and November 25, 2014, Seadrill ADRs traded at artificially inflated prices between July 10, 2014 and November 25, 2014.

Shares of Seadrill Ltd (NYSE: SDRL) grew from $19.08 per share in July 2010 to over $46.93 per share in October 2013. On February 25, 2014, Seadrill Ltd announced its fourth quarter 2013 results. Seadrill Ltd reported that its annual Total Revenue rose from over 44.47 billion in 2012 to over $$5.28 billion in 2013 and that its respective Net Income increased from over $1.1 billion in 2012 to over $2.65 billion in 2013. Shares of Seadrill Ltd (NYSE: SDRL) declined to as low as $33.36 per share in March 2014, respectively $32.75 per share in April 2014. On May 28, 2014, Seadrill Ltd announced its first quarter 2014 results. Seadrill Ltd reported that its first quarter Revenue in 2014 was over $1.22 billion and that its first quarter Net Income was over $3.06 billion. On August 27, 2014, Seadrill Ltd announced its second quarter 2014 results. Seadrill Ltd reported that its second quarter Revenue in 2014 was over $1.22 billion and that its second quarter Net Income was $653 million.

Then on November 26, 2014, before the markets opened, Seadrill Ltd reported its 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 Seadrill Ltd’s need to pay down its debt to strengthen its balance sheet. Seadrill Ltd also disclosed that its Board of Directors had authorized the repurchase of up to 10% of its outstanding shares.

Shares of Seadrill Ltd (NYSE: SDRL) declined from over $40 per share in June 2014 to as low as $11.78 per share on December 5, 2014.