Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Penn West Petroleum Ltd.
August 22 2014 - 1:31PM
Business Wire
Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of
Penn West Petroleum Ltd. (NYSE: PWE)?
- Did you purchase your shares between
May 1, 2012 and July 29, 2014?
- Did you lose money in your
investment in Penn West Petroleum Ltd.?
- Do you want to discuss your
rights?
Rigrodsky & Long, P.A., including former Special Assistant
United States Attorney, Timothy J. MacFall, announces that a
complaint has been filed in the United States District Court for
the Southern District of New York on behalf of all persons or
entities that purchased the common stock of Penn West Petroleum
Ltd. (“Penn West” or the “Company”) (NYSE: PWE) between May 1, 2012
and July 29, 2014 (the “Class Period”), alleging violations of the
Securities Exchange Act of 1934 against the Company and certain of
its officers (the “Complaint”).
If you purchased shares of Penn West during the Class Period,
and wish to discuss this action or have any questions concerning
this notice or your rights or interests, please contact Timothy J.
MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2
Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242;
by e-mail to info@rl-legal.com; or at:
http://www.rigrodskylong.com/investigations/penn-west-petroleum-ltd-pwe.
Penn West is one of the largest conventional oil and natural gas
producers in Canada. The Complaint alleges that throughout the
Class Period, defendants made materially false and misleading
statements, and omitted materially adverse facts, about the
Company’s business, operations and prospects. Specifically, the
Complaint alleges that the defendants knew, or recklessly
disregarded the truth that, Penn West had misstated its accounting
metrics by reducing operating costs and increasing the Company’s
reported capital expenditures and royalty expenses. As a result of
defendants’ alleged false and misleading statements, the Company’s
stock traded at artificially inflated prices during the Class
Period.
According to the Complaint, on July 29, 2014, Penn West
disclosed that it was conducting an internal review of certain of
its accounting practices and had “concluded that certain of [its]
historical financial statements [from 2012 and 2013] . . . must be
restated,” and likely several more years’ worth of additional
financial statements also would need to be restated. Penn West also
anticipated that it may need to reduce its capital expenditure and
royalty expense guidance and increase its operating cost
assumptions for 2014, which would in turn reduce the Company’s 2014
fund flow assumptions and delay the release of its financial
results for the second quarter, 2014.
On this news, shares in Penn West fell more than 14%, closing at
$7.85 per share on July 30, 2014, on unusually heavy trading
volume.
If you wish to serve as lead plaintiff, you must move the Court
no later than October 3, 2014. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. In order to be appointed lead plaintiff,
the Court must determine that the class member’s claim is typical
of the claims of other class members, and that the class member
will adequately represent the class. Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. Any member of the proposed class may
move the court to serve as lead plaintiff through counsel of their
choice, or may choose to do nothing and remain an absent class
member.
While Rigrodsky & Long, P.A. did not file the Complaint in
this matter, the firm, with offices in Wilmington, Delaware and
Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
Rigrodsky & Long, P.A.Timothy J. MacFall, EsquirePeter
Allocco888-969-4242516-683-3516Fax:
302-654-7530info@rl-legal.comhttp://www.rigrodskylong.com
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