NEW YORK, July 31, 2014 /PRNewswire/ -- Tripp Levy
PLLC, a leading national securities law firm, announces that it is
investigating potential securities fraud claims against Penn West
Petroleum Ltd. (NYSE: PWE) ("Penn West" or the "Company") arising
out of Penn West's recent admission that its financial statements
were not accurate.
On July 29, 2014, Penn West
Petroleum announced that its Audit Committee is conducting an
internal review of certain of the Company's accounting practices
and its decision to restate certain historical financial
statements. Currently, the review covers 2014 and the four previous
fiscal years. Based on its accounting review thus far, the Company
decided to restate the Company's audited annual financial
statements for at least the two years ended December 31, 2012 and 2013 and its unaudited
interim financial statements for the three months ended
March 31, 2014 and 2013 and all
related management discussion and analyses.
On this news, the price of Penn West Petroleum shares fell
sharply on July 30, 2014, falling
$1.29 per share or over 14%, damaging
investors.
If you purchased shares of Penn West and suffered losses in
excess of $100,000 on your
investment, and wish to discuss this matter at no cost or expense,
please contact Tripp Levy PLLC via e-mail at contact@tripplevy.com
or call us toll free at 1-800-511-7037 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
Email: contact@tripplevy.com
Toll free: 1-800-511-7037
International: 602.241.2841
www.tripplevy.com
SOURCE Tripp Levy PLLC