WILMINGTON, Del.--(BUSINESS WIRE)--
& Springer LLC, a boutique securities class action law firm
focused on representing shareholders nationwide, is investigating Penn
West Petroleum Ltd. (“Penn West” or the “Company”) (NYSE: PWE) for
possible violations of securities laws relating to the Company’s
announcement today that its financial results will have to be restated.
Today, on July 30, 2014, Penn West announced that it is conducting an
internal investigation of its accounting practices for the previous four
fiscal years. Specifically, the Company revealed that it will 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. These
restatements may cause the Company to reduce capital spending plans and
cash flow assumptions for 2014 and bolster its operating cost forecast.
Penn West also warned investors that it has initiated discussions with
its lenders because a restatement may cause the Company to violate
certain covenants in loan agreements covering the Company’s debt. As a
result of this news, Penn West’s share price fell 14% today.
Given this information, Andrews & Springer LLC is preparing a class
action lawsuit as a result. If you own shares of Penn West and want to
receive additional information and protect your investments free of
charge, please visit us at http://www.andrewsspringer.com/cases-investigations/pwe
or contact Craig J. Springer, Esq. at email@example.com,
or call toll free at 1-800-423-6013. You may also follow us on LinkedIn
Twitter – www.twitter.com/AndrewsSpringer
or Facebook - www.facebook.com/AndrewsSpringer
for future updates.
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.
Andrews & Springer LLC
Craig J. Springer, Esq., 1-800-423-6013
Source: Andrews & Springer LLC