SOURCE: Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP

August 23, 2014 09:15 ET

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in Penn West Petroleum Ltd. (PWE) to Contact the Firm

NEW YORK, NY--(Marketwired - August 23, 2014) - 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.

Request more information now by clicking here: www.faruqilaw.com/PWE. There is no cost or obligation to you.

Take Action

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, visit www.faruqilaw.com/PWE. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Penn West's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

Contact Information

  • FARUQI & FARUQI, LLP
    369 Lexington Avenue, 10th Floor
    New York, NY 10017
    Attn: Richard Gonnello, Esq.
    rgonnello@faruqilaw.com
    Telephone: (877) 247-4292 or (212) 983-9330