WAYNE, Pa., Aug. 25, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the Southern District of Texas on behalf of purchasers of the securities of Key Energy Services, Inc. ("Key Energy" or the "Company") (NYSE: KEG) between July 25, 2013 and July 17, 2014, inclusive (the "Class Period").
Key Energy shareholders may, no later than October 14, 2014, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Key Energy and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/keg. You may also email Mr. Maniskas at email@example.com.
Key Energy operates as an onshore well servicing contractor offering rig-based services and specialty drilling services to oil and natural gas producers in the United States and internationally. The Complaint alleges that defendants misrepresented or failed to disclose material facts concerning the Company's operations and financial performance. Specifically, defendants misrepresented or failed to disclose: (1) The Company's production for Petroleos Mexicanos (PEMEX), one of its largest customers, was in decline; and (2) The Company engaged in improper conduct related to its Russia operations, and its business practices in Russia were in violation of the Foreign Corrupt Practices Act.
On July 17, 2014, Key Energy announced an anticipated second quarter 2014 loss in the range of $0.35 to $0.38 per share, and a $30-$35 million pre-tax charge for goodwill and other asset impairments related to the Company's operations in Russia. The Company also reported that pre-tax expenses of approximately $5 million were incurred in connection with Foreign Corrupt Practices Act investigations disclosed in a previous regulatory filing. Following this news, Key Energy shares dropped more than 16%, or $1.34 per share, on July 18, 2014, on unusually heavy volume.
If you are a member of the class, you may, no later than October 14, 2014, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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