Valaris plc
Company Name | Valaris plc |
Stock Symbol | VAL |
Class Period | April 11, 2019 to July 31, 2019 |
Lead Plaintiff Motion Deadline | October 21, 2019 |
On April 11, 2019, Ensco plc and Rowan Companies plc combined to form Ensco Rowan plc, which was later renamed Valaris plc.
On July 31, 2019, the Company announced its second quarter 2019 financial results, its first earnings report since the merger, which missed market expectations. As noted by Seeking Alpha in an article published on August 2, 2019, Valaris’ results “shock[ed] investors with massive cash usage [and] . . . surprisingly weak outlook for the ultra-deepwater segment with further dayrate recovery likely delayed until at least the second half of next year.”
On this news, Valaris’ stock price fell $1.50, or over 18%, to close at $6.77 on August 1, 2019, thereby injuring investors.
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