NEW YORK, NY / ACCESSWIRE / September 6, 2019 / Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a motion for lead plaintiff in a securities class action lawsuit on behalf of shareholders that purchased or acquired securities of Valaris plc (“Valaris” or the “Company”) (VAL) between April 11, 2019 and July 31, 2019, inclusive (the “Class Period”), resulting from allegations that Valaris and/or its executives may have issued materially misleading business information to the investing public.
If you purchased Valaris securities, and/or would like to discuss your legal rights and options please visit Valaris Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
According to the lawsuit, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company was plagued by a weak ultra-deepwater segment, massive cash usage, and significant negative cash flow; (ii) the foregoing was reasonably likely to have a material negative impact on the Company’s second quarter 2019 results; (iii) the merger leading to Valaris’s establishment could not deliver on its touted benefits; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times. On July 31, 2019, Valaris issued a press release announcing its second quarter 2019 financial results purportedly its first earnings report post-merger reflecting the results of the combined company which missed market expectations (the 2Q 2019 Press Release).
Upon issuance of the 2Q 2019 Press Release, Seeking Alpha published an article on August 2, 2019, entitled Valaris PLC - Off To A Bad Start (the Seeking Alpha Article), noting that Valaris’s results shock[ed] investors with massive cash usage [and] . . . surprisingly weak outlook for the ultra-deepwater segment with further day rate recovery likely delayed until at least the second half of next year. The Seeking Alpha Article further criticized the Company’s free cash flow for the quarter, which was negative by a whopping $375 million causing the Company’s remaining pro forma cash balance adjusted for roughly $741 million in payments related to the recent debt tender offer to decline to just $353 million.
On this news, Valaris’s stock price fell $3.25 per share, or approximately 39%, over the two trading sessions following the Company’s announcement of its quarterly financial results, to close at $5.02 per share on August 2, 2019.
If you purchased Valaris securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/valarisplc-val-shareholder-class-action-lawsuit-stock-fraud-172/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff in the class action, you must move the court no later than October 21, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE: Bernstein Liebhard LLP
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