NEW YORK, Sept. 12, 2014 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Key Energy Services Inc. ("Key Energy" or the "Company") (NYSE: KEG ) of the October 14, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Key Energy and certain executives.
A complaint has been filed in the Southern District of Texas on behalf of all persons who purchased Key Energy securities between July 25, 2013 and July 17, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, Key Energy made false and/or misleading statements and/or failed to disclose that: (i) the Company had overstated revenues from its largest customer, Petroleos Mexicanos ("Pemex"), due to fraudulent overbilling; (ii) Key Energy's production from Pemex was declining; (iii) certain business activities of the Company in its Russian operations violated the Foreign Corrupt Practices Act ("FCPA"); and (iv) Key Energy overstated goodwill and other assets related to the Company's Russian operations.
On July 17, 2014, the Company disclosed that it expects to report a second quarter loss in the range of 35 cents to 38 cents per share based on a $30 million to $35 million pre-tax charge for goodwill and other asset impairments related to its operations in Russia, and that pre-tax expenses of $5 million had been incurred in relation with the FCPA investigations.
Following this news, the price of Key Energy stock declined by $1.34, or over 16%, to close at $7.03 on July 18, 2014.
Request more information now by clicking here: www.faruqilaw.com/KEG . There is no cost or obligation to you.
Take Action
If you invested in Key Energy stock or options between July 25, 2013 and July 17, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/KEG . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Key Energy's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw .
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 369 Lexington Avenue, 10th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. Telephone: (877) 247-4292 or (212) 983-9330
