NEW YORK, Aug. 25, 2014 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Penn West Petroleum Ltd. ("PennWest" or the "Company") (NYSE:PWE) securities between May 4, 2012 and July 29, 2014.
For more information, click here: http://zlk.9nl.com/penn-west-petroleum-pwe.
The complaint alleges 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.
If you suffered a loss in Penn West you have until October 3, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/penn-west-petroleum-pwe.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (866) 367-6510
www.zlk.com
