Courtesy of Benzinga.
A report from Disclosure Insight downgrades its rating from Medium Risk Negative Bias to High Risk on Quicksilver Resources Inc. (NYSE: KWK).
The report states, “We are changing our rating from Medium Risk – Negative Bias to High Risk due to the receipt of an SEC subpoena in Jul-11. SEC activity; concentrated revenue; concentrated ownership; related party transactions; and one-time items support our opinion of a High Risk rating on KWK. In its 2Q11 10-Q filed 9-Aug-11, KWK disclosed that it received a subpoena from the SEC on 26-Jul-11 requesting certain documents. The SEC had informed the company that the investigation arises out of press reports questioning the projected decline curves and economics of shale gas wells.”
KWK closed yesterday at $8.10.
For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.
