Binkow & Goldberg LLP announces that a class action
lawsuit has been filed in the United States District Court for the
Southern District of Texas on behalf of a class (the "Class") comprising
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").
Please contact Lesley Portnoy at 888-773-9224 or 310-201-9150, or at firstname.lastname@example.org
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, well maintenance
and specialty drilling services to oil and natural gas producers in the
United States and internationally. The Complaint alleges that efendants
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 that the Company 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 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 60 days from August 15, 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, 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 email@example.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.
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