News Column

Deadline in Lawsuit for Investors in Key Energy Services, Inc. (KEG) Shares Over Alleged Securities Laws Violations Announced by Shareholders Foundation

September 3, 2014

SAN DIEGO, Sept. 3, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of Key Energy Services, Inc. (KEG) over alleged Violations of Federal Securities Laws by Key Energy Services, Inc.

If you purchased shares of Key Energy Services, Inc. (KEG), you have certain options and for certain investors are short and strict deadlines running. Deadline: October 14, 2014. Key Energy Services investors should contact the Shareholders Foundation at or call +1(858) 779 - 1554.

The plaintiff claims that between defendants made allegedly false and misleading statements and/or failed to disclose that Key Energy Services, Inc.'s production for one of its largest customers was in decline, that Key Energy Services, Inc. engaged in improper conduct related to its operations in Russia, and that Key Energy Services, Inc.'s business practices in Russia were in violation of the U.S. Foreign Corrupt Practices Act ("FCPA"). As a result, the lawsuit claims that when these adverse facts became known, the value of Key Energy's stock dropped, damaging investors.

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.

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 FCP involving business activities of Key's operations in Russia.

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, and that pre-tax expenses of $5 million were incurred in connection with the FCPA investigations.

Those who purchased shares of Key Energy Services, Inc. have certain options and should contact the Shareholders Foundation, Inc. by e-mail at or call +1 (858) 779-1554.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

CONTACT: Shareholders Foundation, Inc.Michael Daniels +1 (858) 779-1554 3111 Camino Del Rio North Suite 423 San Diego, CA 92108

SF logo

Source: Shareholders Foundation, Inc.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: GlobeNewswire

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters