NEW YORK, July 21, 2014 /PRNewswire/ -- Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Key Energy Services, Inc. ("Key Energy" or the "Company") (NYSE: KEG). Such investors are advised to contact Edward N. Gewirtz or his investor Relation's coordinator Eitan Kimelman at firstname.lastname@example.org or 212-697-6484.
The investigation concerns whether Key Energy and certain of its officers and/or directors have violated federal securities laws. On January 7, 2013, shares of Key Energy fell $0.49 or 6.28% during intraday trading to trade at $7.34 after the company announced that PEMEX is conducting an audit of the Company's aggregate billings of $372 million under its contracts with PEMEX. As a result, the Company expects to take a charge of between $2 million and $3 million in the fourth quarter 2013. Dick Alario, the chief executive officer, stated, "Our activity levels with PEMEX in the fourth quarter were materially lower than our prior forecast, which was based on indications we received through discussions with PEMEX."
Then on July 17, the Company announced that it expects to record a $30 - $35 million pre-tax charge for goodwill and other assets impairments related to its operations in Russia. Also Pre-tax expenses of approximately $5 million were incurred in connection with the previously disclosed Foreign Corrupt Practices Act investigations.
On this news, shares of the Company fell $1.32 or 15.77% during intraday trading to trade at $7.05.If you are aware of any facts relating to this investigation, or purchased shares of Key Energy you can assist this investigation by contacting Edward N. Gewirtz or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number. Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.