Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Penn West Petroleum Ltd. (PWE) To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Penn West Petroleum Ltd. (“Penn West” or the “Company”) (NYSE: PWE) of the October 3, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Penn West and certain executives.
A complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased or acquired Penn West securities between May 1, 2012 and July 29, 2014, inclusive (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, the Company was understating operating costs and overstating capital expenditures and royalty expenses and that the Company was vulnerable to non-compliance with certain of its debt covenants.
On July 29, 2014, after the close of trading, Penn West announced that the Audit Committee of the Company's Board of Directors was conducting an internal review of the Company's accounting practices.
Following this news, the price of Penn West stock declined by $1.30, or over 14%, to close at $7.85 on July 30, 2014.
If you invested in Penn West stock or options between May 1, 2012 and July 29, 2014 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Penn West’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.