- Language: English
- Published: May 2013
Bulletin: Hornbeck Offshore Services Ratings Unaffected By Class Action Lawsuits Jan 07
- ID: 2084923
- January 2007
- Standard & Poors
NEW YORK (Standard & Poor's) Jan. 22, 2007--Standard & Poor's Ratings Services said today that its corporate credit rating, senior unsecured rating, and outlook on Hornbeck Offshore Services Inc. (BB-/Stable/--) are not affected by the announcement that several class action lawsuits have been filed against Hornbeck alleging that the company breached federal securities laws by making false and misleading statements in its November 2006 earnings guidance. On Jan. 10, 2007, Hornbeck announced it was lowering fourth-quarter 2006 earnings estimates from the guidance provided in early to mid-November, around the time of its $250 million convertible debt offering. Following the announcement, Hornbeck's stock declined more than $7 to a 52-week low on the revised earnings forecast. Hornbeck has responded that it...
Companies mentioned in this report are: Hornbeck Offshore Services Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Hornbeck Offshore Services Inc.