Scott+Scott LLP Announces Class Action Lawsuit Against Transocean Ltd. and Others on Behalf of Investors -- RIG

/ Source: GlobeNewswire

NEW YORK, Oct. 4, 2010 (GLOBE NEWSWIRE) -- On September 30, 2010, Scott+Scott LLP filed a class action against Transocean Ltd. ("Transocean"), the former CEO of Transocean, and the former CEO of GlobalSantaFe Corporation ("GlobalSantaFe"). As alleged in the Complaint, the action for violation of the Securities Exchange Act of 1934 is brought on behalf of all GlobalSantaFe shareholders and their successors-in-interest who suffered harm during the period beginning October 2, 2007 through April 20, 2010, inclusive (the "Class Period") as a result of the Company's false October 7, 2007 proxy.

If you are a member of this Class and wish to serve as lead plaintiff in the action, you must move the Court no later than November 30, 2010. Any member of the investor Class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott (; (800) 404-7770; (860) 537-5537 or visit the Scott+Scott website, ) for more information. There is no cost or fee to you.

The complaint in this action alleges that, on October 2, 2007, in advance of a planned shareholder vote regarding the proposed merger of Transocean and GlobalSantaFe, Defendants disseminated a proxy statement to the Class that contained untrue statements of material facts and omitted to state material facts necessary to make the statements that were made not misleading in violation of §14(a) of the Exchange Act and SEC Rule 14a-9 promulgated thereunder. Specifically, Transocean is alleged to have misrepresented the quality of its drilling fleet and its safety practices. In fact, as was first revealed by the Deepwater Horizon disaster and its aftermath, Transocean was dramatically underinvesting in safety and exposing itself to a high risk of a catastrophic event. The false proxy induced the Class to approve the merger with Transocean for inadequate consideration, thereby harming the Class.

Scott+Scott has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide.

CONTACT: Scott+Scott, LLP (800) 404-7770 (860) 537-5537