NEW YORK, July 21, 2014 /PRNewswire/ -- 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.
Our investigation concerns whether the Company's officers and directors should be liable for the harm to Key Energy Services. If you own Key Energy Services shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Peter W. Overs, Jr., Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP