Transocean LTD Under Shareholder Investigation

If you are a current long term investor in Transocean LTD (NYSE:RIG) stock, you have certain options and you should contact the Shareholders Foundation Inc.

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Company Name(s): 
Transocean LTD
Affected Securities: 

An investigation on behalf of current long term investors in Transocean LTD (NYSE:RIG) concerning possible securities laws violations was announced.

Transocean Ltd., listed on the NYSE and located in Switzerland, is an international provider of offshore contract drilling services for oil and gas wells. As of February 2, 2010, its fleet of 138 rigs consisted of 44 High-Specification Floaters, including the Deepwater Horizon rig. According to the investigation by a law firm the investigation on behalf of current long term investors of Transocean LTD (NYSE:RIG) concerns possible shareholder claims in connection with the drilling rig explosion. On April 20, an explosion on the Deepwater Horizon offshore drilling rig operating off the coast of Louisiana resulted in a fire that sank the rig, caused a large-scale ongoing oil spill leaking an estimated 5,000 barrels of oil a day, and killed 11 workers including nine Transocean employees. President Obama said that responsibility for the cleanup rests with oil giant BP, the owner of the lease, but that the government would assist affected communities.

The Congress and the U.S. Justice Department are investigating the oil spill in the Gulf of Mexico. BP said it will cooperate with a US government investigation into the cause of the disaster. On Tuesday, April 27, 2010, lawmakers asked the owner and operator of the oil rig for documents as part of a congressional investigation into the accident. On Friday, April 30, 2010, U.S. Attorney General Eric Holder said he was dispatching a team of lawyers to New Orleans to monitor the oil spill. Even though the cause of the explosion is still under investigation more than two dozen lawsuits have reportedly already been filed claiming the explosion was caused when workers for oil services contractor Halliburton Inc. improperly capped the well, a process known as cementing. Executives representing Transocean and Halliburton reportedly will say BP had the lead decision-making role. But Lamar McKay, chairman of BP America Inc., said in testimony prepared for a Senate Energy Committee hearing that “Transocean’s blowout preventer failed to operate”.

Transocean shares have dropped 28 percent since the April 20 explosion. While Transocean LTD stock (NYSE:RIG) was trading as High as $94.88 per share at its 52weekHigh and in the excess of $90 per share as early as in Mid-April it slide to under $65 per share, and traded recently at $66.34 per share.