Key Energy Securities Lawsuit
A law office recently noted that it filed a securities class action lawsuit against an energy company due to shareholders alleging that the company violated federal securities laws.
The Rosen Law Firm explained that the litigation was entered into the U.S. District Court for the Southern District of Texas against Key Energy Services, Inc. This included all shareholders who purchased stock from the company during the class period between July 25, 2013 and July 17, 2014.
Allegations in the lawsuit included the company’s leaders making statements that were either false or misleading regarding some of its financial aspects. Specifically, the company may not have been clear on the fact that it had a declination in production for one of its most significant customers. There were also some issues regarding improper conduct with Russian operations, with its business practices violating the U.S. Foreign Corrupt Practices Act. When this information surfaced, the company’s stock declined, which hurt investors.
It is possible for shareholders to become lead plaintiff in the case, but they will need to send all paperwork to the court by Oct. 14, 2014. There has not yet been a certified class in the lawsuit. For those who want to apply for the position, they will need to be approved by the court. This is not mandatory, and an ability to collect is still possible without taking this action.
Further information about the case can be obtained by contacting the law office. Whether this has to do with the lawsuit itself, the lead plaintiff position or how their rights may be affected by the process, speaking with a representative is an option. Both Kevin Chan and Phillip Kim are available to be reached by telephone or email. Further details are available on the law office’s website.
Second lawsuit filed
Another litigation firm noted that it filed a class action lawsuit against Key Energy Services for many of the same reasons.
Robbins Arroyo, LLP, explained that the lawsuit was filed in the same district court for the aforementioned class period.
Shareholders also have the ability to speak with this law firm to gain more information about the case. The best person to speak with is Darnell Donahue, and he can be reached by telephone or email, while the law office’s website has further details.