Lieff Cabraser Reminds Penn West Petroleum Ltd. Investors of Upcoming Deadline in Class Action Litigation – PWE
Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the October 3, 2014 deadline to move for appointment as lead plaintiff in the securities class litigation brought on behalf of those who purchased or otherwise acquired the securities of Penn West Petroleum Ltd. (“Penn West” or the “Company”) (NYSE:PWE) between May 1, 2012 and July 29, 2014, inclusive (the “Class Period”).
If you purchased or otherwise acquired Penn West securities on the NYSE during the Class Period, you may move the Court for appointment as lead plaintiff by no later than October 3, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Penn West investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
The actions charge Penn West and certain of its senior officers with making materially false and/or misleading statements about the Company’s business, operational and compliance policies.
On July 29, 2014, Penn West announced that its financial statements for at least the years ended December 31, 2012 and 2013, and for the three months ended March 31, 2013 and 2014, and related management’s discussion and analysis, must be restated, and that consequently the Company may not be in compliance with certain of its debt covenants. According to Penn West, its Audit Committee had found that for 2012 and 2013, approximately $181 million in operating expenses were reclassified to property, plant and equipment as capital expenditures without adequate support, and $200 million in additional operating expenses were “incorrectly classified” as royalty expenses. According to Penn West, these practices appeared to have existed in prior years, necessitating a review of all financial statements issued for the fiscal years 2010 through 2014.
On this news, the price of Penn West stock trading on the NYSE fell $1.30 per share, or 14.21%, to close at $7.85 per share on July 30, 2014, on extremely heavy trading volume.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
For eleven years, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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