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.
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