| COMPANY |
Valaris plc |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
19-cv-07816 |
| JUDGE |
The Honorable Naomi Reice Buchwald |
| CLASS PERIOD |
April 11, 2019 – July 31, 2019 |
| SECURITY TYPE |
All Securities |
Case Background:
On August 20, 2019, the initial complaint in this securities class action was filed against Valaris plc (“Valaris” or the “Company”), and certain of Valaris’s directors and officer, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act.
The complaint alleges that throughout the class period, the Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the complaint alleges the Defendants failed to disclose to investors that: (1) the Company was plagued by a weak ultra-deepwater segment, massive cash usage, and significant negative cash flow; (2) the foregoing was reasonably likely to have a material negative impact on the Company’s second quarter 2019 results; (3) the merger leading to Valaris’s establishment could not deliver on its touted benefits; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
This is a federal securities class action on behalf of a class consisting of all persons who purchased or otherwise acquired Valaris securities between April 11, 2019 and July 31, 2019, both dates inclusive.
Current Status of Case:
On September 14, 2020, the Company filed a Notice of Bankruptcy. The Court stayed the case against all Defendants and granted Lead Plaintiff leave to amend the complaint. On June 18, 2021, Lead Plaintiff filed a Notice of Voluntary dismissal without prejudice. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.