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. (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 email@example.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
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