The Rosen Law Firm, P.A. announces that it is investigating potential securities fraud claims against Key Energy Services, Inc. (NYSE:KEG) in connection with allegations that it may have violated the Foreign Corrupt Practices Act.
“[t]he U.S. Securities and Exchange Commission has advised us that it is investigating possible violations of the U.S. Foreign Corrupt Practices Act involving business activities of Key’s operations in Russia.”
On January 6, 2014, Key Energy Services announced that one of its largest customers, Mexico State-owned oil giant Petroleos Mexicanos or “PEMEX”, is conducting an audit of Key Energy Services’ aggregate billings of $372 million under its contracts with PEMEX.
On May 6, 2014, the Company announced that “[t]he U.S. Securities and Exchange Commission has advised us that it is investigating possible violations of the U.S. Foreign Corrupt Practices Act involving business activities of Key’s operations in Russia.” On July 17, 2014, the Company announced that it expects to report a second quarter loss in the range of $0.35 to $0.38 per share and will record a $30 million to $35 million pre-tax charge for goodwill and other assets impairments related to its operations in Russia. Additionally, Key Energy Services incurred pre-tax expenses of $5 million in connection with the Foreign Corrupt Practices Act investigations.
The Rosen Law Firm is preparing a class action lawsuit on behalf of Key Energy Services investors. If you purchased Key Energy Services securities prior to July 18, 2014, you may visit the website at http://rosenlegal.com to join the action. You may also contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected]