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TMCNet:  INVESTOR ALERT: Class Action Lawsuit Against Key Energy Services, Inc. Announced by Glancy Binkow & Goldberg LLP

[August 15, 2014]

INVESTOR ALERT: Class Action Lawsuit Against Key Energy Services, Inc. Announced by Glancy Binkow & Goldberg LLP

LOS ANGELES --(Business Wire)--

Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Texas on behalf of a class (the "Class") comprising purchasers of the securities of Key Energy Services, Inc. ("Key Energy" or the "Company") (NYSE:KEG) between July 25, 2013 and July 17, 2014, inclusive (the "Class Period").

Please contact Lesley Portnoy at 888-773-9224 or 310-201-9150, or at shareholders@glancylaw.com to discuss this matter. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

Key Energy operates as an onshore well servicing contractor offering rig-based services including completion of new wells, well maintenance and specialty drilling services to oil and natural gas producers in the United States and internationally. The Complaint alleges that efendants misrepresented or failed to disclose material facts concerning the Company's operations and financial performance. Specifically, defendants misrepresented or failed to disclose that (1) the Company's production for Petroleos Mexicanos (PEMEX), one of its largest customers, was in decline, and (2) the Company engaged in improper conduct related to its Russia operations and its business practices in Russia were in violation of the Foreign Corrupt Practices Act.


On July 17, 2014, Key Energy announced that the Company expects to report a second quarter 2014 loss in the range of $0.35 to $0.38 per share, and will record a $30-$35 million pre-tax charge for goodwill and other asset impairments related to the Company's operations in Russia. The Company also reported that pre-tax expenses of approximately $5 million were incurred in connection with Foreign Corrupt Practices Act investigations disclosed in a previous regulatory filing. Following this news, Key Energy shares dropped more than 16 percent below the previous day's closing price, or $1.34 per share.

If you are a member of the Class described above, you may move the Court no later than 60 days from August 15, 2014, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at 310-201-9150, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


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