On or around 09/15/2018 (Date of order of distribution of settlement)
Filing Date: August 04, 2014
According to the law firm press release, the Complaint charges that Defendants made materially false and/or misleading statements, including that the Company was understating operating costs and overstating capital expenditures and royalty expenses; and the Company's improper accounting practices were causing Penn West to be at risk of non-compliance with certain of its debt covenants.
On July 29, 2014, the Company disclosed that its Audit Committee was conducting an internal review of certain of its accounting practices. Thus far, the Audit Committee has concluded that the Company improperly reclassified approximately $181 million in operating expenses as capital expenditures, and had "incorrectly reclassified" approximately $200 million in additional operating expenses as royalty expenses for 2012 and 2013. The Company will restate its past financial statements for years 2012 and 2013 and certain interim periods, and consequently, may not be in compliance with certain of its debt covenants.
On this news, Penn West shares declined $1.30 per share or 14% on July 30, 2014.
On October 29, 2014, the Court issued an Order appointing Lead Plaintiff and Lead Counsel. Lead Plaintiff filed a consolidated Complaint on December 19.
The parties entered into a Stipulation of Settlement on February 12, 2016. This Settlement was preliminarily approved by the Court on March 1. Final approval was granted on June 28.
On September 15, 2018, the Court issued an Order approving the Settlement's distribution plan.
Company & Securities Information
Defendant: Penn West Petroleum Ltd.
Industry: Oil & Gas Operations
Ticker Symbol: PWE
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Jay Frechter, et al. v. Penn West Petroleum Ltd., et al.
Stipulation And Order Appointing The City Of Miami Fire Fighters' And Police Officers' Retirement Trust And Avi Rojany As Lead Plaintiff, Approving Their Selection Of Lead Counsel And Consolidating All Related Actions
In Re: Penn West Petroleum Ltd. Securities Litigation