NEW YORK, July 21, 2014 /PRNewswire/ -- Attorney
Advertising-- Bronstein, Gewirtz & Grossman, LLC is
investigating potential claims on behalf of purchasers of the
securities of Key Energy Services, Inc. ("Key Energy" or the
"Company") (NYSE: KEG). Such investors are advised to contact
Edward N. Gewirtz or his investor
Relation's coordinator Eitan
Kimelman at info@bgandg.com or 212-697-6484.
The investigation concerns whether Key Energy and certain of its
officers and/or directors have violated federal securities laws.
On January 7, 2013, shares of
Key Energy fell $0.49 or 6.28% during
intraday trading to trade at $7.34
after the company announced that PEMEX is conducting an audit of
the Company's aggregate billings of $372
million under its contracts with PEMEX. As a
result, the Company expects to take a charge of between
$2 million and $3 million in the
fourth quarter 2013. Dick Alario, the chief executive
officer, stated, "Our activity levels with PEMEX in the fourth
quarter were materially lower than our prior forecast, which was
based on indications we received through discussions with
PEMEX."
Then on July 17, the Company
announced that it expects to record a $30 -
$35 million pre-tax charge for goodwill and other assets
impairments related to its operations in Russia. Also
Pre-tax expenses of approximately $5
million were incurred in connection with the previously
disclosed Foreign Corrupt Practices Act investigations.
On this news, shares of the Company fell $1.32 or 15.77% during intraday trading to trade
at $7.05.
If you are aware of any facts relating to this investigation, or
purchased shares of Key Energy you can assist this investigation by
contacting Edward N. Gewirtz or his
Investor Relations Coordinator Eitan
Kimelman of Bronstein, Gewirtz & Grossman, LLC at
212-697-6484 or via email info@bgandg.com. Those who inquire
by e-mail are encouraged to include their mailing address, email
and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Edward N. Gewirtz or Eitan Kimelman 212-697-6484
info@bgandg.com
SOURCE Bronstein, Gewirtz & Grossman, LLC