EQUITY ALERT: Rosen Law Firm Reminds Penn West Petroleum Ltd. Investors of Important Class Action Deadline -- PWE

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NEW YORK, Aug. 28, 2014 (GLOBE NEWSWIRE) -- Rosen Law Firm reminds purchasers of Penn West securities PWE between May 4, 2012 and July 29, 2014, of the important October 3, 2014 lead plaintiff deadline in the class action filed by the firm.

To join the Penn West class action, visit the firm's website at http://rosenlegal.com/cases-320.html, or call Phillip Kim, Esq. toll-free, at 866-767-3653; you may also email at pkim@rosenlegal.com for information on the class action.

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.

According to the suit, the Company issued materially false and misleading financial statements to investors. Specifically, the Defendants misstated and/or failed to disclose: (a) Penn West's financial statements were misstated due to the improper classification of operating expenses as property, plant and equipment without documentary support, resulting in an overstatement of capital expenditures; (b) certain additional operating expenses were incorrectly classified as royalty expenses; (c) the Company lacked adequate internal controls over financial reporting; (d) the Company was not in compliance with certain of its covenants under its unsecured, revolving syndicated bank facility; and (e) as a result of the foregoing, the Company'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 go to http://rosenlegal.com/cases-320.html. 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 pkim@rosenlegal.com.

The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.

CONTACT: 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 lrosen@rosenlegal.com pkim@rosenlegal.com kchan@rosenlegal.com www.rosenlegal.com
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Posted In: Press Releases
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