Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Penn West Petroleum Ltd. (NYSE: PWE)?
- Did you purchase your shares between May 1, 2012 and July 29, 2014?
- Did you lose money in your investment in Penn West Petroleum Ltd.?
- Do you want to discuss your rights?
According to the Complaint, on July 29, 2014, Penn West disclosed that it was conducting an internal review of certain of its accounting practices and had “concluded that certain of [its] historical financial statements [from 2012 and 2013] . . . must be restated,” and likely several more years’ worth of additional financial statements also would need to be restated. Penn West also anticipated that it may need to reduce its capital expenditure and royalty expense guidance and increase its operating cost assumptions for 2014, which would in turn reduce the Company’s 2014 fund flow assumptions and delay the release of its financial results for the second quarter, 2014.On this news, shares in Penn West fell more than 14%, closing at $7.85 per share on July 30, 2014, on unusually heavy trading volume. If you wish to serve as lead plaintiff, you must move the Court no later than October 3, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.