NEW YORK--(BUSINESS WIRE)--Zamansky LLC is investigating Penn West Petroleum Ltd. (NYSE:PWE)(“Penn West” or the “Company”) for potential securities fraud violations. The investigation concerns Penn West’s disclosure of its internal review of accounting practices, and restatement of its 2012 and 2013 financial results.
On July 29, 2014, Penn West announced that its quarterly resulted were delayed due to accounting errors it discovered which prompted an internal review. Penn West reported that its Audit Committee identified that for fiscal years 2012 and 2013, approximately $110 million and $70 million, respectively, in operating expenses were improperly classified as property, place and equipment capital expenditures. The Audit Committee also found that approximately $100 million in operating expenses were incorrectly classified as royalty expenses. Penn West is further looking back at the previous four years.
Penn West’s announcement resulted in a 15% drop in the stock price that day.
According to attorney Jake Zamansky, Penn West’s accounting errors were material to its financial health and performance. They allegedly gave investors a misleading view of the Company’s profit margins, he says. This misleading view factored into an artificially high stock price, Zamansky states.
What Investors Can Do
If you purchased Penn West stock during 2012 or 2013, and were holding the shares on July 29, 2014, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at firstname.lastname@example.org.
About Zamansky LLC
Zamansky LLC is a leading law firm specializing in securities fraud, hedge fund and investor class actions. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.