LOS ANGELES--(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 firstname.lastname@example.org, 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.
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