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Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Penn West Petroleum Ltd.
|By PR Newswire
|August 6, 2014 01:35 PM EDT
WILMINGTON, Del., Aug. 6, 2014 /PRNewswire/ -- 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 [email protected]; 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, Esquire
Fax: (302) 654-7530
SOURCE Rigrodsky & Long, P.A.
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