STEVENSON, Md., Sept. 17, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Penn West Petroleum Ltd. ("Penn West" or the "Company") (NYSE:PWE) common stock expanding the class period to February 17, 2011 and July 29, 2014, inclusive (the "Class Period"), and informs investors who wish to become proactively involved in the litigation that they have until October 3, 2014 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Penn West common stock and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company was understating operating costs and overstating capital expenditures and royalty expenses and that the Company was at risk of non-compliance with certain of its debt covenants. According to the complaint, following the Company's July 29, 2014 announcement that its Audit Committee's internal review of certain of its accounting practices would result in restating its financials for 2012 and 2013 and may not be in compliance with certain of its debt covenants, the value of Penn West shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.