|By PR Newswire||
|July 30, 2014 02:00 PM EDT||
NEW YORK, July 30, 2014 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Penn West Petroleum Ltd.("Penn West" or the "Company") (NYSE: PWE). Such investors are advised to contact Edward N. Gewirtz or his investor relations coordinator Eitan Kimelman at [email protected] or 212-697-6484.
The investigation focuses on whether the Company and certain of its executives violated federal securities laws.
On July 29, 2014, Penn West announced that the Audit Committee of the Company's Board of Directors is conducting a voluntary, internal review of certain of the Company's accounting practices. The company said:
While this review is not yet completed, the Board of Directors of Penn West has concluded that certain of the Company's historical financial statements and related management's discussion and analysis ("MD&A") must be restated, which may result in the release of second quarter 2014 financial results being delayed.
According to the Company, the Board of Directors, "has made a decision to restate the Company's audited annual financial statements for at least the 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 MD&A".
On this news, shares of Penn West fell $1.43 or 15.63% during intraday trading to trade at $7.72 on July 30, 2014.
If you are aware of any facts relating to this investigation, or purchased shares of Penn West, you can assist this investigation by contacting Edward N. Gewirtz or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Edward N. Gewirtz or Eitan Kimelman 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC