BOSTON, Aug. 7, 2014 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com) announces that it has filed a class action lawsuit against Penn West Petroleum Ltd. ("Penn West" or the "Company") (NYSE: PWE) (TSE: PWT) and certain of its current and former officers and directors. The lawsuit, captioned Vollbeer v. Penn West Petroleum ltd. et. al., No. 14-cv-6203, is pending in the United States District Court for the Southern District of New York.
The lawsuit alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, on behalf of investors who purchased or otherwise acquired Penn West's securities during the period May 4, 2012, through July 29, 2014, inclusive (the "Class Period").
The complaint asserts that Penn West, through its officers and directors, made materially false and/or misleading statements regarding the Company's internal controls and its accounting for certain of its operating costs, capital expenditures and royalty expenses. The complaint further alleges that the Company's improper accounting practices have caused Penn West to be at risk of non-compliance with certain of its debt covenants.
On July 29, 2014, Penn West's shares plunged almost 15% on news that the Company has initiated an Audit Committee review of its accounting practices and that "certain of the Company's historical financial statements and related management's discussion and analysis ("MD&A") must be restated, which may result in the release of second quarter 2014 financial results being delayed."
If you purchased Penn West stock and have questions about your legal rights, or if you have information relevant to this litigation, please contact attorney Mark Delaney of Block & Leviton LLP at (617) 398-5600 or at Mark@blockesq.com. Confidentiality to any whistleblowers or other persons with information relevant to the investigation is assured.
Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 70 years.
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BLOCK & LEVITON LLP
Mark Alan Delaney
SOURCE Block & Leviton LLP