INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Aga...
06 October 2014 - 3:32PM
Business Wire
Glancy Binkow & Goldberg LLP reminds investors of Key Energy
Services, Inc. (“Key Energy” or the “Company”) (NYSE:KEG) that all
purchasers of Key Energy securities 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 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 an expected 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 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 October 14, 2014, to serve as lead
plaintiff; however, you must 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 Angeles, CALesley
Portnoy310-201-9150888-773-9224shareholders@glancylaw.comwww.glancylaw.com