NEW YORK, Aug. 5, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that it has filed a class action lawsuit on behalf of purchasers of Penn West securities (PWE) between May 4, 2012 and July 29, 2014, inclusive, seeking to recover damages for violations of the federal securities laws.
To join the Penn West class action, visit the firm's website http://rosenlegal.com/cases-320.html or call Phillip Kim, Esq. or Phillip Kim, Esq. toll-free, at 866-767-3653; you may also email at firstname.lastname@example.org or email@example.com for information on the class action. The lawsuit is pending in the U.S. District Court for Southern District of New York.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The class action alleges the Company issued materially false and misleading financial statements to investors. Specifically that: (a) Penn West improperly classified operating expenses as property, plant and equipment without documentary support, resulting in an overstatement of capital expenditures; (b) Penn West incorrectly classified certain operating expenses as royalty expenses; (c) Penn West lacked adequate internal controls over financial reporting; (d) Penn West was not in compliance with certain of its covenants under its unsecured, revolving syndicated bank facility; and (e) as a result of the foregoing, Penn West's financial statements were materially false and misleading at all relevant times. When these adverse facts entered the market, the price of Penn West securities dropped, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than October 3, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at firstname.lastname@example.org. You may also visit the firm's website at http://rosenlegal.com/cases-320.html.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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Laurence M. Rosen, Esq.
Phillip Kim, Esq.
Kevin Chan, Esq.
The Rosen Law Firm P.A.
275 Madison Avenue 34th Floor
New York, New York 10016
Tel: (212) 686-1060
Toll Free: 1-866-767-3653
Fax: (212) 202-3827