CONSHOHOCKEN, Pa.–LAWFUEL – Class Action Lawsuits News –Goldman Scarlato & Karon, P.C., a law firm with offices in Pennsylvania and Ohio, announces that a lawsuit has been filed in the United States District Court for the District of Louisiana, on behalf of persons who purchased or otherwise acquired publicly traded securities of Hornbeck Offshore Services, Inc. (“Hornbeck” or the “Company”) (NYSE:HOS) between November 1, 2006 and January 10, 2007, inclusive, (the “Class Period”). The lawsuit was filed against Hornbeck and certain officers and directors (“Defendants”).
If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at [email protected] and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than March 19, 2007, to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that Defendants made certain false and misleading statements and omissions concerning the Company’s operations and expected earnings for the fourth quarter of 2006.
On November 1, 2006, the Company reaffirmed its guidance for fiscal 2007 and specifically reaffirmed EBITDA guidance for the fourth quarter of 2006 to be in a range between $39 million and $41 million, with earnings per share to be between $0.69 and $0.74 per share. On November 6, 2006, the Company announced a $200 million offering of convertible senior notes. That deal closed on November 13, 2006. That same day the Company raised its EPS guidance to a range of $0.72 to $0.77 per share.
On January 10, 2007, the Company announced that it was revising its EBITDA and EPS guidance for the fourth quarter of 2006, reducing the range for EBITDA to between $33 million and $34 million, and lowering EPS to a range of $0.61 to $0.63 per share. Shares reacted negatively to the news, falling from $33.51 per share to $26.14 per share, a one-day decline of almost 22%.
If you bought Hornbeck securities between November 1, 2006 and January 10, 2007, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (888) 668-4130 to speak with an advisor.