HARTFORD, Conn., Jan. 19, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Louisiana on behalf of all persons who purchased or otherwise acquired the securities of Hornbeck Offshore Services, Inc. ("Hornbeck" or the "Company") (NYSE: HOS) between November 1, 2006 and January 10, 2007, inclusive, (the "Class Period").
The Complaint alleges that Hornbeck and certain of its officers and directors violated Federal Securities laws by making false and misleading statements. On November 1, 2006, the Company reaffirmed its guidance for fiscal 2007 and specifically reaffirmed earnings before interest, taxes, depreciation and amortization ("EBITDA") for the fourth quarter of 2006 to be in a range between $39 million and $41 million, with earnings per share to be between $0.69 and $0.74 per share. On November 6, 2006, the Company announced a $200 million offering of convertible senior notes. That deal closed on November 13, 2006. That same day, the Company raised its EPS guidance to a range of $0.72 to $0.77 per share.
On January 10, 2007, the Company announced that it was revising its EBITDA and EPS guidance for the fourth quarter of 2006, reducing the range for EBITDA to between $33 million and $34 million, and lowering EPS to a range of $0.61 to $0.63 per share. Shares reacted negatively to the news, falling from $33.51 per share to $26.14 per share, a one-day decline of almost 22%.
If you are a member of the class, you may, no later than March 19, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard, P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard, P.C. toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.