NEW ORLEANS, Aug. 6, 2014 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until October 3, 2014 to file lead plaintiff applications in a securities class action lawsuit against Penn West Petroleum Ltd. (NYSE:PWE), if they purchased the Company's securities during the period between May 1, 2012 through July 29, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Penn West and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850, or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com) or KSF Partner Melinda Nicholson (melinda.nicholson@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by October 3, 2014.
About the Lawsuit
Penn West and certain of its executives are charged with issuing a series of materially false and misleading statements during the Class Period, violating federal securities laws.
On July 29, 2014, Penn West Petroleum announced that its Audit Committee is conducting an internal review of the Company's accounting practices for 2014 and the four previous fiscal years and that it will restate certain past financial statements, which may cause the Company to reduce capital spending plans and cash flow assumptions for 2014. Penn West also warned that a restatement may cause the Company to violate certain covenants in loan agreements covering the Company's debt.
On this news, the price of Penn West's shares plummeted by over 14%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.