SOURCE: Yourman Alexander & Parekh LLP

February 07, 2007 18:16 ET

Yourman Alexander & Parekh LLP Announces Class Action Lawsuit Against Hornbeck Offshore Services, Inc.

LOS ANGELES, CA -- (MARKET WIRE) -- February 7, 2007 -- Yourman Alexander & Parekh LLP, a law firm with extensive experience in prosecuting claims for securities and consumer fraud, announces that lawsuits seeking class action status have been filed on behalf of shareholders who purchased or otherwise acquired the securities of Hornbeck Offshore Services, Inc. ("Hornbeck" or the "Company") (NYSE: HOS) during the period November 1, 2006 through January 10, 2007, inclusive (the "Class Period"). The lawsuits are pending in the United States District Court for the District of Louisiana.

Since a class has not yet been certified, you may not be represented by an attorney in this matter. If you purchased or acquired Hornbeck securities during the Class Period and either continue to hold those securities or sold them at a loss, the deadline to move for appointment as Lead Plaintiff is March 19, 2007. A Lead Plaintiff is the person or entity that the Court appoints to take a leadership role in prosecuting the case and to represent the interests of other similarly injured class members. The Court is required to consider the persons or entities with the largest financial losses, who express an interest in taking a leadership role in the litigation, for appointment as Lead Plaintiff. However, in order to serve as Lead Plaintiff, you must meet certain legal requirements and must formally apply to the Court to be considered for such an appointment. While your ability to share in any recovery is not affected by your decision of whether or not to seek appointment as a Lead Plaintiff, the Lead Plaintiff is responsible for making important decisions which could affect the overall recovery for class members, including decisions concerning settlement. Further, under 15 U.S.C. §78u-4(a)(4) and/or 15 U.S.C. §77z-1(a)(4), in the event that the case is successfully resolved, the Court may award a Lead Plaintiff compensation for time spent directly related to the representation of the class.

The lawsuits allege, in part, that the Company and certain of its officers and directors violated federal securities laws by issuing statements, concerning the Company's stock option plans and compensation practices, that were materially false and misleading when made. On November 1, 2006, the Company announced that its earnings before interest, taxes, depreciation and amortization ("EBITDA") for the fourth quarter of 2006 would be in a range between $39 million and $41 million, with earnings per share between $0.69 and $0.74 per share. On November 6, 2006, the Company announced a $200 million offering of convertible senior notes. On November 13, 2006, the offering closed and the Company raised its EPS guidance to a range of $0.72 to $0.77 per share. However, on January 10, 2007, the Company announced that it was reducing the range for EBITDA between $33 million and $34 million, and lowering EPS to a range of $0.61 to $0.63 per share. It is alleged that shares of Hornbeck declined on this news, falling from $33.51 per share to $26.14 per share, a one-day decline of almost 22%.

If you: (i) wish to discuss these lawsuits, have information concerning these cases, or acquired shares through your Hornbeck retirement account or 401K; (ii) have questions concerning this Notice or your rights or interests with respect to this litigation; or (iii) have any other potential matters that you would care to discuss, please contact Vahn Alexander or Behram Parekh of Yourman Alexander & Parekh LLP, 3601 Aviation Blvd., Suite 3000, Manhattan Beach, California 90266 by telephone, toll-free at (800) 725-6020, or by email to There will be no obligation or cost to you concerning your inquiry. For more information about the firm or cases currently being investigated or prosecuted by the firm, please visit