NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP is investigating potential claims against Valaris plc. (“Valaris” or the “Company”) (NYSE: VAL). This investigation concerns whether Valaris has violated federal securities laws and/or engaged in other unlawful business practices.
On April 11, 2019, Ensco plc and Rowan Companies plc merged to form Ensco Rowan plc, which was touted as an industry-leading offshore driller. On July 2, 2019, Ensco Rowan plc announced that it will change its name to Valaris plc, effective July 31, 2019.
On August 1, 2019, Valaris announced its second-quarter 2019 results and held an earnings conference call. During the call, Valaris’ Chief Executive Officer disclosed that, “In terms of our financial results, we reported adjusted EBITDA of $59 million for the quarter better than the outlook we provided in our first quarter conference call. While these results exceeded expectation, some of this outperformance was due to the timing of contract drilling expenses that were originally anticipated to occur in the second quarter and are now expected to occur in the third quarter of 2019.” On this news, various analysts issued negative reports on the Company, and Valaris’ stock price fell $3.25 per share, or 39.3%, over two trading days, to close at $5.02 on August 2, 2019.
If you acquired Valaris securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
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