Valaris PLC (VAL) Files for Chapter 11 Bankruptcy Protection

Valaris PLC (VAL) Investment Losses

Have you suffered investment losses in Valaris PLC (VAL) at the advice of your financial advisor? If so, the securities attorneys at The White Law Group may be able to help you recover your losses by filing a complaint against the brokerage firm that sold you the investment.

Valaris, the world’s largest offshore drilling firm, has filed for Chapter 11 bankruptcy with a plan to reportedly reduce its debt by $6.5 billion.

The company, formed last year through the merger of Ensco and Rowan, filed for Chapter 11 in the US in order to implement a new agreement with 50% of lenders  that will “reduce its debt load substantially, support continued operations during the lower demand environment and provide a robust financial platform” for the market recovery.

According to financial reports, first half results, ending June 30, showed huge pre-tax losses of $4.28billion, with total long-term debt $6.6bn. The company blames the substantial downturn in the energy sector, exacerbated by the COVID-19 pandemic, for the restructuring.

The firm reportedly announced in April it would cut up to 330 jobs as a result of the downturn, but has not revealed any further planned cuts.

According to MarketWatch today, shares of Valaris are down -97.29% YTD.

The White Law Group is investigating securities claims involving broker dealers who may have unsuitably recommended Valaris PLC to investors.

Broker dealers are required to perform adequate due diligence on all investment recommendations including real estate investment trusts. They must ensure that each investment is suitable for the investor in light of the investor’s age, risk tolerance, net worth, financial needs, and investment experience.

If a broker or brokerage firm makes an unsuitable investment recommendation or fails to adequately disclose the risks associated with an investment they may be liable for investment losses. 

Free Consultation with a Securities Attorney

To determine whether you may be able to recover investment losses in Valaris, please contact The White Law Group at 1-888-637-5510 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. The firm works on a contingency fee basis and may be able to represent you in a complaint against your brokerage firm.

For more information on the firm, visit www.WhiteSecuritiesLaw.com.