EQUITY ALERT: The Rosen Law Firm Announces Investigation of Securities Fraud Claims Against Key Energy Services, Inc.
July 18 2014 - 5:23PM
Business Wire
The Rosen Law Firm, P.A. announces that it is investigating
potential securities fraud claims against Key Energy Services, Inc.
(NYSE:KEG) in connection with allegations that it may have violated
the Foreign Corrupt Practices Act.
On January 6, 2014, Key Energy Services announced that one of
its largest customers, Mexico State-owned oil giant Petroleos
Mexicanos or "PEMEX", is conducting an audit of Key Energy
Services' aggregate billings of $372 million under its contracts
with PEMEX.
On May 6, 2014, the Company announced that "[t]he U.S.
Securities and Exchange Commission has advised us that it is
investigating possible violations of the U.S. Foreign Corrupt
Practices Act involving business activities of Key's operations in
Russia." On July 17, 2014, the Company announced that it expects to
report a second quarter loss in the range of $0.35 to $0.38 per
share and will record a $30 million to $35 million pre-tax charge
for goodwill and other assets impairments related to its operations
in Russia. Additionally, Key Energy Services incurred pre-tax
expenses of $5 million in connection with the Foreign Corrupt
Practices Act investigations.
The Rosen Law Firm is preparing a class action lawsuit on behalf
of Key Energy Services investors. If you purchased Key Energy
Services securities prior to July 18, 2014, you may visit the
website at http://rosenlegal.com to join the action. You may also
contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm
toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or
kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
Attorney Advertising. Prior results do not guarantee a similar
outcome.
Laurence Rosen, Esq.Phillip Kim, Esq.Kevin Chan, Esq.The Rosen
Law Firm P.A.275 Madison Avenue, 34th FloorNew York, New York
10016Tel: 212-686-1060Toll Free: 866-767-3653Fax:
212-202-3827lrosen@rosenlegal.compkim@rosenlegal.comkchan@rosenlegal.comwww.rosenlegal.com