Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Penn West Petroleum Ltd. (NYSE: PWE). On July 29, 2014, Penn West Petroleum announced that its Audit Committee is conducting an internal review of certain of the Company’s accounting practices for 2014 and the four previous fiscal years. As a result of this review, the Company anticipates that the release of its second quarter financial results will be delayed. The Company revealed that it will restate certain past financial statements, which may cause the Company to reduce capital spending plans and cash flow assumptions for 2014 and bolster its operating cost forecast. Penn West also warned that it has initiated discussions with its lenders because a restatement may cause the Company to violate certain covenants in loan agreements covering the Company’s debt. On this news, the price of Penn West’s shares plummeted by over 14%. KSF’s investigation is focusing on whether Penn West and/or its officers and directors violated state or federal securities laws. If you are a Penn West shareholder that has suffered losses related to your investment or have information that would assist KSF in its investigation, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis Kahn ( firstname.lastname@example.org) or KSF Partner Melinda Nicholson ( email@example.com) toll free at 1-877-515-1850. About Kahn Swick & Foti, LLC KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York, California and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders.
To learn more about KSF, you may visit www.ksfcounsel.com.