|By PR Newswire||
|July 31, 2014 05:25 PM EDT||
TORONTO, July 31, 2014 /CNW/ - On July 31, 2014, the law firms of Koskie Minsky LLP and Sutts, Strosberg LLP commenced a $400 million proposed securities class action against Penn West Petroleum Ltd. (TSX:PWT) and some of its senior officers and directors.
The plaintiff alleges that Penn West made a misrepresentation in its public disclosure between 2010 and 2014. In particular, Penn West improperly stated to the public that its financial statements followed Generally Accepted Accounting Principles and International Financial Reporting Standards.
On July 29, 2014, Penn West informed the public that it had been improperly recording operating expenses as capital expenditures and/or royalty expenses resulting in a significant understatement of its operating expenses and overstatement of its assets and earnings dating back to 2010.
The value of Penn West's stock has declined dramatically since its announcement on July 29, 2014.
"It is imperative that publicly-traded companies prepare and distribute financial statements that comply with the rules of accounting so that investors can make informed investment decisions" said Jay Strosberg of Sutts, Strosberg LLP.
If you acquired Penn West securities during the period from March 17, 2011 to July 29, 2014, please contact Koskie Minsky LLP at 1-866-545-9918 or email at [email protected] or Sutts, Strosberg LLP at 1-519-561-6296 or email at [email protected].
Koskie Minsky LLP, based in Toronto, and Sutts, Strosberg LLP, based in Windsor and Toronto, are two of Canada's foremost class action firms and have particular expertise in securities class actions.
SOURCE Koskie Minsky LLP
Jan. 17, 2017 01:45 AM EST Reads: 5,203
Jan. 17, 2017 12:45 AM EST Reads: 6,006
Jan. 16, 2017 11:45 PM EST Reads: 4,187
Jan. 16, 2017 11:30 PM EST Reads: 3,516
Jan. 16, 2017 09:00 PM EST Reads: 7,441
Jan. 16, 2017 08:45 PM EST Reads: 4,578
Jan. 16, 2017 08:00 PM EST Reads: 658
Jan. 16, 2017 06:45 PM EST Reads: 3,490
Jan. 16, 2017 06:00 PM EST Reads: 394
Jan. 16, 2017 05:00 PM EST Reads: 4,022
Jan. 16, 2017 03:30 PM EST Reads: 4,824
Jan. 16, 2017 03:15 PM EST Reads: 365
Jan. 16, 2017 02:30 PM EST Reads: 1,551
Jan. 16, 2017 02:15 PM EST Reads: 5,273
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 16, 2017 01:45 PM EST Reads: 3,599