WILMINGTON, Del., Aug. 6, 2014 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a securities fraud class action lawsuit has been filed on behalf of investors of Penn West Petroleum Ltd. (NYSE:PWE) ("Penn West" or the "Company") that held shares between May 4, 2012 and July 29, 2014.
A copy of the complaint is available from the Court or from Andrews & Springer LLC. If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, on July 29, 2014, Penn West announced that it was conducting an internal investigation of its accounting practices for the previous four fiscal years. Specifically, the Company revealed that it would restate certain past financial statements for, at a minimum, two years ending December 31, 2012 and 2013 as well as unaudited interim financial statements for the three months ending March 31, 2014 and 2013. As a result of the Company's announcement, a complaint was filed in the U.S. District Court for the Southern District of New York. The complaint alleges that Penn West falsely categorized operating expenses as "property, plaint and equipment" without evidentiary support, and fraudulently identified certain operating expenses as royalty expenses. The complaint further alleges that the Company had lacked internal controls over its financial reporting and issued false and misleading financial statements to the investing public as a result.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.