An investigation for investors in Seadrill Ltd (NYSE:SDR) shares over potential securities laws violations by Seadrill Ltd was announced and NYSE:SDR stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/13/2017 -- An investigation was announced for investors of Seadrill Ltd (NYSE:SDR) shares over potential securities laws violations by Seadrill Ltd in connection certain financial statements.
Investors who purchased shares of Seadrill Ltd (NYSE:SDR), have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Seadrill Ltd (NYSE:SDR) concerning whether a series of statements by Seadrill Ltd regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On November 26, 2014, before the markets opened, Seadrill Ltd reported its third quarter 2014 financial results (for the period ended September 30, 2014), announcing that it had missed its profit targets. In addition, the Company disclosed that it was indefinitely suspending its dividend, citing the Company's need to pay down its debt to strengthen its balance sheet. The Company also disclosed that its Board of Directors had authorized the repurchase of up to 10% of its outstanding shares.
On December 05, 2014 a lawsuit was filed in New York against Seadrill Ltd over alleged securities laws violations. The plaintiff claimed that between July 10, 2014 and November 25, 2014 defendants made allegedly false and misleading statements about the strength of the Company's business and prospects. The plaintiff alleges that between July 10, 2014 and November 25, 2014 defendants maintained that due to the Company's strong backlog and the strength of its balance sheet, despite any turbulence in the oil industry, the Company would not cut its $4 per share annual dividend and that as a result of defendants' statements between July 10, 2014 and November 25, 2014, Seadrill ADRs traded at artificially inflated prices between July 10, 2014 and November 25, 2014.
On February 22, 2017, Seadrill Ltd disclosed that it would need to restate its 2015 financial statements in order to accurately reflect US GAAP fair value accounting principles. According to the Company, there was a material weakness found in internal controls over financial reporting relating to its accounting for certain interest rate and cross currency hedges.
On February 28, 2017, Seadrill Ltd announced its fourth quarter 2016 results. Seadrill Ltd Total Revenue declined from over $4.99 billion in 2014 to over $3.16 billion in 2016 and its Net Income of over $3.97 billion in 2014 declined to a Net Loss of $137 million in 2016.
Shares of Seadrill Ltd (NYSE:SDR) declined from as high as $46.93 per share in October 2013 to as low as $1.02 per share on March 7, 2017.
Those who purchased shares of Seadrill Ltd have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego