Law
Offices of Howard G. Smith announces that it is investigating
potential claims on behalf of investors of Key Energy Services, Inc.
(“Key Energy” or the “Company”) (NYSE:KEG). The investigation concerns
possible violations of federal securities laws and focuses on certain
statements issued by the Company concerning Key Energy’s business and
financial performance.
Key Energy operates as an onshore well servicing contractor in the
United States and internationally, offering rig-based services including
completion of newly-drilled wells, workover and recompletion of existing
wells, well maintenance, plugging and specialty drilling services to oil
and natural gas producers. 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 shares, 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 Howard G. Smith, Esquire, of Law Offices
of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by
email to howardsmith@howardsmithlaw.com,
or visit our website at www.howardsmithlaw.com.
Copyright Business Wire 2014