NEW YORK, Sept. 18, 2014 (GLOBE NEWSWIRE) -- Tripp Levy PLLC, a leading national securities law firm, 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.
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.
If you have suffered a loss in excess of $250,000 from your investment in Penn West common stock and purchased your shares during the Class Period, and would like to learn more about this lawsuit and your ability to recover your losses, please contact us either by email at contact@tripplevy.com or by telephone at (800) 511-7037 or visit our website at www.tripplevy.com .
Tripp Levy PLLC is a leading national securities and shareholder rights law firm with offices across the country representing both individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders. Tripp Levy PLLC is affiliated with Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.
Tripp Levy PLLC Email: Toll free: 1-800-511-7037 International: 602.241.2841 www.tripplevy.com
