Faruqi & Faruqi, LLP is Investigating Penn Virginia Corporation on Behalf of its Shareholders (PVA)
Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Penn Virginia Corporation (“PVA” or the “Company”) (NYSE: PVA). The investigation focuses on whether certain officers and directors of PVA violated shareholder protection laws by paying executives excessive compensation.
Despite the Company’s poor performance in 2009, 2010, and the first part of 2011, the compensation of Chief Executive Officer A. James Dearlove was increased more than $1 million, roughly $2.989 million in 2009 to $4.039 million in 2010. In addition, the Company’s Chief Financial Officer’s pay rose from $1.084 million in 2009 to $1.789 million in 2010. In all, the Company’s most highly compensated executive officers were compensated in excess of $10 million in 2010, even though total shareholder return for 2010 was -20.1%. Penn Virginia’s 12 months total revenue decreased from $303.50 million in 2007 to $254.44 million in 2010 and its income fell from $50.49 million for 2007 and $121.08 million for 2008 to a loss of $114.64 million in 2009. For the first quarter in 2011 Penn Virginia Corp. reported a loss of $26.34 million compared to an income of $13.59 million a year earlier.
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