RADNOR, Pa., Jan. 25 /PRNewswire-USNewswire/ -- The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Eastern District of Louisiana on behalf of all common stock purchasers of Hornbeck Offshore Services, Inc. ("Hornbeck" or the "Company") from November 1, 2006 through January 10, 2007, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
The Complaint charges Hornbeck and certain of its officers and directors with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company was experiencing increased volatility in its dayrate charges; (2) that contrary to earlier statements, the elevated level of dayrate charges would not continue through calendar year 2007; and (3) that, as a result of the foregoing, the Company's statements about its financial well-being and future business prospects were lacking in any reasonable basis when made.
On January 10, 2007, the Company shocked the market by announcing that it was revising its EBITDA and earnings per share guidance for the fourth quarter of 2006 and for fiscal 2006, materially reducing EBITDA for the fourth quarter of 2006 to range between $33.0 million and $34.0 million, down from $39.0 million to $41.0 million. The Company announced it now expected that per share earnings for the fourth quarter of 2006 to range between $0.61 and $0.63, down from $0.72 to $0.77. It also expected to reduce 2007 guidance by 15 to 20 percent.
The Company was forced to admit that it had knowledge over the previous several months that operating issues had negatively impacted the Company's financial performance, including volatility in the offshore vessel dayrate, a lag in the shipyard delivery schedules for new-builds and increased turnaround time for regulatory dry-dockings, repairs and maintenance, as well as increased costs for personnel and insurance.
On this shocking news, shares of the Company's stock declined $7.37, or 22 percent, to close, on January 11, 2007, the following day, at $26.14 per share.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.
For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit http://www.sbtklaw.com/.
If you are a member of the class described above, you may, not later than March 19, 2007, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin Barroway Topaz & Kessler or other counsel of your choice, to serve as your counsel in this action.
CONTACT: Schiffrin Barroway Topaz & Kessler, LLP
Darren J. Check, Esq.
Richard A. Maniskas, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll-free) or 1-610-667-7706
Or by e-mail at
