INVESTOR ALERT: Class Action Lawsuit Against Penn West Petroleum Ltd. Announced by Law Offices of Howard G. Smith
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the securities of Penn West Petroleum Ltd. (“Penn West” or the “Company”) (NYSE:PWE) between May 4, 2012 and July 29, 2014, inclusive (the “Class Period”). Investors who have losses of $100,000 or more are encouraged to contact the firm for more information.
Penn West is a petroleum and natural gas exploration and production company. The Complaint alleges that defendants misrepresented or failed to disclose that:
- Penn West's financial statements improperly classified certain operating expenses, resulting in an overstatement of capital expenditures.
- Certain additional operating expenses were incorrectly classified as royalty expenses.
- The Company lacked adequate internal controls over financial reporting.
- The Company was not in compliance with certain of its covenants under its unsecured, revolving syndicated bank facility.
If you are a member of the Class described above, you have until October 3, 2014, to move the Court to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.
If you suffered losses of $100,000 or more and wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, Toll-Free at 888-638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.