San Diego, CA -- (ReleaseWire) -- 07/23/2014 -- An investigation on behalf of investors of NYSE:KEG shares over potential securities laws violations by Key Energy Services, Inc. and certain of its directors and officers was announced.
Investors who purchased shares of Key Energy Services, Inc. (NYSE:KEG) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns claims on behalf of investors of Key Energy Services, Inc and focuses on whether Key Energy and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On January 6, 2014, Key Energy Services, Inc. provided the updates for the fourth quarter 2013: Among other things, Key Energy Services, Inc. said that PEMEX is conducting an audit of the Company’s aggregate billings of $372 million under its contracts with PEMEX and that as a result, the company expects to take a charge of between $2 million and $3 million in the fourth quarter 2013. Shares of Key Energy Services declined from $7.97 per share on January 6, 2014, to $7.05 per share on January 9, 2014.
On May 6, 2014, Key Energy Services, Inc disclosed that the U.S. Securities and Exchange Commission (“SEC”) has advised Key Energy Services, Inc that the SEC is investigating possible violations of the U.S. Foreign Corrupt Practices Act involving business activities of Key's operations in Russia. Shares of Key Energy Services declined to as low as $7.75 per share on May 16, 2014.
On July 17, 2014, Key Energy Services, Inc disclosed that it expects to report a second quarter loss in the range of 35 to 38 cents per share. KEG announced that it will record a $30 million to $35 million pre-tax charge for goodwill and other assets impairments related to its operations in Russia. Also, pre-tax expenses of $5 million were incurred in connection with the Foreign Corrupt Practices Act investigations. Shares of Key Energy Services, Inc declined to as low as $6.75 per share on July 21, 2014.
Those who purchased shares of Key Energy Services, Inc. (NYSE:KEG), have certain options and should contact the Shareholders Foundation.
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