INVESTOR ALERT: Class Action Lawsuit Against Key Energy Services, Inc. Announced by Glancy Binkow & Goldberg LLP
August 15 2014 - 8:05PM
Business Wire
Glancy Binkow & Goldberg LLP announces that a class action
lawsuit has been filed in the United States District Court for the
Southern District of Texas on behalf of a class (the “Class”)
comprising purchasers of the securities of Key Energy Services,
Inc. (“Key Energy” or the “Company”) (NYSE:KEG) between July 25,
2013 and July 17, 2014, inclusive (the “Class Period”).
Please contact Lesley Portnoy at 888-773-9224 or 310-201-9150,
or at shareholders@glancylaw.com to discuss this matter. If you
inquire by email please include your mailing address, telephone
number and number of shares purchased.
Key Energy operates as an onshore well servicing contractor
offering rig-based services including completion of new wells, well
maintenance and specialty drilling services to oil and natural gas
producers in the United States and internationally. The Complaint
alleges that defendants misrepresented or failed to disclose
material facts concerning the Company’s operations and financial
performance. Specifically, defendants misrepresented or failed to
disclose that (1) the Company’s production for Petroleos Mexicanos
(PEMEX), one of its largest customers, was in decline, and (2) the
Company engaged in improper conduct related to its Russia
operations and its business practices in Russia were in violation
of the Foreign Corrupt Practices Act.
On July 17, 2014, Key Energy announced that the Company expects
to report a second quarter 2014 loss in the range of $0.35 to $0.38
per share, and will record a $30-$35 million pre-tax charge for
goodwill and other asset impairments related to the Company’s
operations in Russia. The Company also reported that pre-tax
expenses of approximately $5 million were incurred in connection
with Foreign Corrupt Practices Act investigations disclosed in a
previous regulatory filing. Following this news, Key Energy shares
dropped more than 16 percent below the previous day’s closing
price, or $1.34 per share.
If you are a member of the Class described above, you may move
the Court no later than 60 days from August 15, 2014, to serve as
lead plaintiff, if you meet certain legal requirements. To be a
member of the Class you need not take any action at this time; you
may retain counsel of your choice or take no action and remain an
absent member of the Class. If you wish to learn more about this
action, or if you have any questions concerning this announcement
or your rights or interests with respect to these matters, please
contact Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg
LLP, 1925 Century Park East, Suite 2100, Los Angeles, California
90067, at 310-201-9150, by e-mail to shareholders@glancylaw.com, or
visit our website at http://www.glancylaw.com. If you inquire by
email, please include your mailing address, telephone number and
number of shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los AngelesLesley
Portnoy310-201-9150888-773-9224shareholders@glancylaw.comwww.glancylaw.com