WAYNE, Pa., Aug. 4, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the Southern District of New York against Penn West Petroleum Ltd. ("Penn West" or the "Company") (NYSE: PWE) and certain of its officers. The class action is on behalf of all persons or entities who purchased or otherwise acquired Penn West securities between May 1, 2012 and July 29, 2014, inclusive (the "Class Period").
Penn West shareholders may, no later than October 3, 2014, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Penn West and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/pwe. You may also email Mr. Maniskas at email@example.com.
On July 29, 2014, the Company disclosed that its Audit Committee was conducting an internal review of certain of its accounting practices. Thus far, the Audit Committee has concluded that the Company improperly reclassified approximately $181 million in operating expenses as capital expenditures, and had "incorrectly reclassified" approximately $200 million in additional operating expenses as royalty expenses for 2012 and 2013. The Company will restate its past financial statements for years 2012 and 2013 and certain interim periods, and consequently, may not be in compliance with certain of its debt covenants.
On this news, Penn West shares declined $1.30 per share or 14% on July 30, 2014.
If you are a member of the class, you may, no later than October 3, 2014, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP