Company Website:
http://www.rigrodskylong.com
WILMINGTON, Del. -- (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.
Contacts:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter
Allocco
888-969-4242
516-683-3516
Fax: 302-654-7530
info@rl-legal.com
http://www.rigrodskylong.com
Source: Rigrodsky & Long, P.A.
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