Settlement Fairness Hearing Date Rescheduled for June 28, 2016, in In re Penn West Petroleum Ltd. Securities Litigation, Master File No. 14-cv-6046-JGK (S.D.N.Y.)
NEW YORK, June 8, 2016 /PRNewswire/ --
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
IN RE PENN WEST PETROLEUM LTD. SECURITIES LITIGATION
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Master File No. 14-cv-6046-JGK |
NOTICE OF NEW DATE FOR SETTLEMENT FAIRNESS HEARING
TO: All persons or entities who or which (i) purchased or otherwise acquired Penn West Petroleum Ltd. ("Penn West") common stock or trust units on an open market located within the United States, including but not limited to the New York Stock Exchange ("NYSE") or another domestic exchange, or (ii) purchased or otherwise acquired Penn West call options, or sold or wrote Penn West put options, on an open market located within the United States, including but not limited to the NYSE or another domestic exchange, from February 18, 2010 through July 29, 2014, inclusive (the "Settlement Class Period"), and who were damaged thereby (the "Settlement Class"):
PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT, AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT.
As previously announced, Lead Plaintiffs in the above-captioned litigation (the "Action") have reached a proposed settlement of the Action for Can$26,500,000 in cash (the "Settlement"), which equated to US$19,759,282 on the day it was deposited into an escrow account. If the Settlement is approved, it will resolve all claims in the Action.
The Court had previously scheduled a hearing on July 19, 2016 at 4:30 p.m., before the Honorable John G. Koeltl in Courtroom 12B of the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl St., New York, NY 10007-1312, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation and Agreement of Settlement dated February 12, 2016 ("Stipulation") and in the Notice should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Co-Lead Counsel's application for an award of attorneys' fees and reimbursement of Litigation Expenses should be approved. THE DATE OF THE HEARING HAS CHANGED, AND IT HAS NOW BEEN RESCHEDULED FOR JUNE 28, 2016 AT 4:30 P.M. The location of the hearing remains the same. All remaining dates, including the claims filing deadline, remain the same. If you are planning on attending the Settlement Fairness Hearing, you should confirm the date and time with Co-Lead Counsel.
Additional information concerning the Settlement and the relevant dates may be found on the settlement website, www.PennWestUSSecuritiesLitigation.com.
If you have not yet received the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice"), which more completely describes the Settlement and your rights thereunder, and Claim Form, you may obtain copies of these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this notice) by contacting the Claims Administrator at Penn West U.S. Securities Litigation, c/o Epiq, P.O. Box 3967, Portland, OR 97208-3967, (877) 835-0545, or [email protected]. Copies of the Notice, Claim Form and Stipulation can also be downloaded from the website maintained by the Claims Administrator, www.PennWestUSSecuritiesLitigation.com.
Please do not contact the Court, the Clerk's office, Penn West, any other Defendant, or their counsel, regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Co-Lead Counsel or the Claims Administrator.
Inquiries, other than requests for the Notice and Claim Form, should be made to Co-Lead Counsel:
BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP |
GLANCY PRONGAY & MURRAY LLP |
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John Rizio-Hamilton, Esq. |
or |
Peter A. Binkow, Esq. |
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1251 Avenue of the Americas, 44th Floor |
1925 Century Park East, Suite 2100 |
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New York, New York 10020 |
Los Angeles, California 90067 |
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(800) 380-8496 |
(888) 773-9224 |
Please note that there is a separate settlement for persons who acquired the securities of Penn West on the Toronto Stock Exchange, on an alternative trading market in Canada, or otherwise in Canada from March 17, 2011 through July 29, 2014, inclusive, and/or July 30, 2014 through September 18, 2014, inclusive, and held some or all of those securities at the close of trading on July 29, 2014 or September 18, 2014 (the "Canadian Class"). This notice only pertains to the Settlement Class (defined above). If you are a member of the Canadian Class, you can learn more about your rights and options at the website dedicated to the Canadian cases: www.PennWestCanadianClassAction.com.
By Order of the Court
SOURCE Bernstein Litowitz Berger & Grossmann LLP and Glancy Prongay & Murray LLP
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