By a News Reporter-Staff News Editor at Energy Weekly News -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Key Energy Services, Inc. ("Key Energy Services" or the "Company") (NYSE: KEG) concerning whether the board has breached its fiduciary duties to shareholders or violated the federal securities laws.
On January 6, 2014, the Company disclosed that Mexico state-owned oil giant Petroleos Mexicanos, or "PEMEX," had commenced auditing $372 million in contracts with Key Energy Services.
On May 6, 2014, Key Energy Services disclosed that "[t]he U.S. Securities and Exchange Commission has advised [the Company] that it is investigating possible violations of the U.S. Foreign Corrupt Practices Act ["FCPA"] involving activities of Key's operations in Russia." On July 17, 2014, the Company announced it expected to report a second quarter loss of approximately $0.25 to $0.38 per share and a related $30 million to $35 million in pre-tax charges for goodwill and other asset impairments in connection with its Russia operations. The Company simultaneously announced that it had incurred pre-tax expenses of $5 million related to FCPA investigations.
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