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Penn West (T.PWT) shares plunge on news of accounting probe

Stockhouse Editorial
0 Comments| July 30, 2014

A U.S. law firm said Wednesday it is investigating potential claims on behalf of investors of Penn West Petroleum Ltd. (TSX: T.PWT, Stock Forum) regarding possible violations of federal securities laws.

Glancy Binkow & Goldberg LLP said the investigation focuses on certain statements issued by the company concerning Penn West’s operations and financial performance.

Based in Calgary, Penn West is one of Canada’s largest energy companies.

On Wednesday, Penn West shares plunged 15.4% to $8.41, leaving a market cap of $4.2 billion, based on 493.5 million shares outstanding. The 52-week range is $12.77 and $7.82.

Penn West said in a press release late Tuesday that the audit committee of the company’s board of directors is conducting a voluntary, internal review of certain of the company’s accounting practises.

“While this review is not yet completed, the board of directors of Penn West has concluded that certain of the company’s historical financial statements and related management and discussion and analysis must be restated, which may result in the release of second quarter 2014 financial results being delayed,’’ the company said.

However, it said the review does not affect cash and debt balances, production guidance or operations.

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