Transocean LTD (NYSE:RIG) Investor Files Lawsuit Against Directors Over Alleged Breaches Of FIduciary Duties

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Company Name(s): 
Transocean LTD
Case Name: 
Transocean LTD Shareholder Derivative Lawsuit 01/11/2013
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: RIG
Lawsuit Overview
Type of Lawsuit: 
Shareholder Derivative Action
Date Filed: 
01/11/2013
Summary: 

Jan. 15, 2013 (Shareholders Foundation) -- An investor in shares of Transocean LTD (NYSE:RIG) filed a lawsuit against certain officers and directors of Transocean LTD (NYSE:RIG) over alleged breaches of fiduciary duties and waste of corporate assets.

The plaintiff alleges that the defendants breached their fiduciary duties and wasted corporate assets that have caused substantial losses to Transocean LTD and other damages, such as loss of reputation and goodwill.

Transocean LTD (NYSE:RIG) reported that its annual Revenue declined from $12.67 billion in 2008 to $9.13 billion in 2011 and its Net Income decreased from $4.03 billion in 2008 to a Net Loss of $5.75 billion in 2011.

Shares of Transocean LTD (NYSE:RIG) traded in 2008 as high as $160.54 per share and traded as low as $38.39 per share in December 2011.

The plaintiff alleges that since the Deepwater Horizon disaster in April 2010 Transocean settled for 1.4 billion in civil and criminal fines and penalties and lost $13.7 billion in market cap and all these injuries are a direct and proximate result of the wrongdoing of certain defendants.

Shares of Transocean LTD (NYSE:RIG) closed on Jan. 15, 2013, at $53.89 per share.