Key Energy Services, Inc. (NYSE:KEG) Investor Investigation Concerning Potential Securities Laws Violations

If you purchased shares of Key Energy Services, Inc. (NYSE:KEG), you have certain options and you should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Key Energy Services
Affected Securities: 

May 16, 2014 (Update) - On May 6, 2014, Key Energy Services, Inc disclosed that the U.S. Securities and Exchange Commission (“SEC”) has advised Key Energy Services, Inc that the SEC is investigating possible violations of the U.S. Foreign Corrupt Practices Act involving business activities of Key's operations in Russia.

January 27, 2014 (Shareholders Foundation) - An investigation on behalf of investors of Key Energy Services, Inc. (NYSE:KEG) shares over potential securities laws violations Key Energy Services and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Key Energy Services, Inc. (NYSE:KEG) concerning whether a series of statements Key Energy Services, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Key Energy Services, Inc. reported that its annual Total Revenue rose from over $1.72 billion in 2011 to over $1.96 billion in 2012, while its Net Income declined from $101.46 million to $7.62 million.

Shares of Key Energy Services, Inc. (NYSE:KEG) declined from $17.86 per share in February 2012 to as low as $5.61 per share in May 2013. Since then NYSE:KEG shares were able to reach $8.88 per share in November 2013.

Then on January 6, 2014 – Key Energy Services, Inc. (NYSE: KEG) provided the updates for the fourth quarter 2013: Among other things, Key Energy Services, Inc. said that PEMEX is conducting an audit of the Company’s aggregate billings of $372 million under its contracts with PEMEX and that as a result, the company expects to take a charge of between $2 million and $3 million in the fourth quarter 2013.

Shares of Key Energy Services declined from $7.97 per share on January 6, 2014, to $7.05 per share on January 9, 2014.

On January 27, 2014, NYSE:KEG shares closed at $7.26 per share.