The action relates to the
The claim alleges that Penn West's audit committee found a number of unreliable accounting entries, which had the effect of reducing operating costs and increasing the Company's reported capital expenditures and royalty expenses. These practices led to the improper classification of operating expenses over the course of several years from fiscal years 2010 through 2014. As a result of its internal review, Penn West restated its audited annual financial statements for the years ended
Following the announcement, Penn West's share price immediately fell on heavy volume. Over the week Penn West's market capitalizations dropped by close to 20 percent.
Keywords for this news article include: Finance, Legal Issues, Rochon Genova Llp.
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