SAN DIEGO & LONDON–(BUSINESS WIRE)–$VAL #classaction–Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of Valaris plc (NYSE: VAL) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between April 11, 2019 to July 31, 2019. Valaris provides offshore drilling services in various water depths worldwide.
If you suffered a loss as a result of Valaris’s misconduct, click here.
Valaris plc (VAL) Accused of Misleading Shareholders
According to the complaint, in April 2019, Ensco and Rowan Companies plc merged to form Ensco Rowan plc, now known as Valaris plc. In a press release issued on April 11, 2019, the company touted its “diverse rig fleet” that purportedly enabled Valaris to “provide drilling services across all water depths with unmatched scale” and emphasized the financial strength and growth opportunities generated by the merger. On July 31, 2019, Valaris announced its second quarter 2019 financial results, which missed market expectations. Then, Seeking Alpha published an article on August 2, 2019, noting that Valaris’s results “shock[ed] investors” and criticizing Valaris’s massive cash usage and free cash flow, which was negative by over $375 million. Additionally, Wells Fargo downgraded Valaris from Outperform to Market Perform. On this news, Valaris’s stock price fell $3.25, or approximately 39%, over the two trading sessions following the announcement of its quarterly financial results, closing at $5.02. The stock continues to decline and now trades as just $4.48.
Valaris plc (VAL) Shareholders Have Legal Options
Contact us to learn more:
Leo Kandinov
(800) 350-6003
[email protected]
Shareholder Information Form
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contacts
Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San Diego, CA 92122
[email protected]
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
