|[August 01, 2014]
PENN WEST INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates Penn West Petroleum Ltd. Following Disclosure of Internal Review of Accounting Practices
NEW ORLEANS --(Business Wire)--
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a
partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces
that KSF has commenced an investigation into Penn West Petroleum Ltd.
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 for 2014 and the four previous fiscal years. As a result of
this review, the Company anticipates that the release of its second
quarter financial results will be delayed. The Company revealed that it
will restate certain past financial statements, which may cause the
Company to reduce capital spending plans and cash flow assumptions for
2014 and bolster its operating cost forecast. Penn West also warned that
it has initiated discussions with its lenders because a restatement ay
cause the Company to violate certain covenants in loan agreements
covering the Company's debt.
On this news, the price of Penn West's shares plummeted by over 14%.
KSF's investigation is focusing on whether Penn West and/or its officers
and directors violated state or federal securities laws.
If you are a Penn West shareholder that has suffered losses related to
your investment or have information that would assist KSF in its
investigation, you may, without obligation or cost to you, e-mail or
call KSF Managing Partner Lewis Kahn (firstname.lastname@example.org)
or KSF Partner Melinda Nicholson (email@example.com)
toll free at 1-877-515-1850.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General
Charles C. Foti, Jr., is a law firm focused on securities class action
and shareholder derivative litigation with offices in New York,
California and Louisiana. KSF's lawyers have significant experience
litigating complex securities class actions nationwide on behalf of both
institutional and individual shareholders.
To learn more about KSF, you may visit www.ksfcounsel.com.
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