INVESTOR ALERT: Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Key Ener...
October 02 2014 - 10:32AM
Business Wire
Law Offices of Howard G. Smith reminds investors that 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”), have until October 14, 2014, to
file a motion to be appointed as lead plaintiff in the shareholder
lawsuit.
Key Energy operates as an onshore well servicing contractor
offering rig-based services 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:
- The Company’s production for Petroleos
Mexicanos (PEMEX), one of its largest customers, was in
decline.
- 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 an anticipated second
quarter 2014 loss in the range of $0.35 to $0.38 per share, and 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%, or
$1.34 per share, on July 18, 2014, on unusually heavy volume.
If you are a member of the Class described above, you may move
the Court no later than October 14, 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, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at 215-638-4847, toll-free at
888-638-4847, or by email to howardsmith@howardsmithlaw.com, or
visit our website at http://www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com