NEW YORK, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors that it has commenced an investigation of Valaris plc (“Valaris” or “the Company”) (NYSE: VAL) concerning possible violations of federal securities laws.
On April 11, 2019, Ensco plc and Rowan Companies plc combined, forming Ensco Rowan plc, which subsequently changed its name to Valaris plc on July 30, 2019 and began trading under the ticker “VAL”. 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 nearly 39%. To obtain additional information, go to:
https://www.zlk.com/pslra-1/valaris-plc-loss-form
or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.