INVESTOR ALERT: Investigation of Key Energy Services, Inc. Announced by Glancy Binkow & Goldberg LLP
21 July 2014 - 9:32PM
Business Wire
Glancy Binkow & Goldberg LLP announces that it is
investigating potential claims on behalf of investors of Key Energy
Services, Inc. (“Key Energy” or the “Company”) (NYSE:KEG)
concerning possible violations of federal securities laws. The
investigation focuses on certain statements issued by the Company
concerning Key Energy’s business and financial performance.
Please contact us at (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,
workover and recompletion of existing wells, well maintenance,
plugging, and specialty drilling services to oil and natural gas
producers in the United States and internationally. The
investigation is related to the Company’s July 17, 2014,
announcement that Key Energy 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 previously disclosed
Foreign Corrupt Practices Act investigations. Following this news,
Key Energy shares dropped more than 16 percent below the previous
day’s closing price, or $1.34 per share.
In a May 6, 2014, regulatory filing, the Company disclosed that
the 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.”
If you purchased Key Energy securities, if you have information
or would like to learn more about these claims, 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 (646) 539-8980,
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
Portnoy(646)
539-8980shareholders@glancylaw.comwww.glancylaw.com