FP0731_PennWest_C_JR Penn West Petroleum Ltd. shares slid sharply Wednesday, falling as much as 17.4% before pulling back, after news of accounting irregularities and the possibility of resulting lawsuits rocked the Calgary-based oil and gas producer.
Calgary energy producer Penn West Petroleum Ltd. is facing the prospect of a messy battle for control of the company just as it copes with an accounting scandal and allegations of manipulating stock options.
Earlier this week, Penn West Petroleum Ltd. (TSX: PWT)(NYSE: PWE) announced to the market it had identified accounting irregularities stretching back four years and has launched a probe into its accounting practices.
CALGARY - Penn West Petroleum Ltd. has warned that second-quarter results may be delayed as it investigates accounting irregularities that could result in restating audited financial statements for 2012 and 2013 and the first quarter of this year.
BOSTON, July 30, 2014 /PRNewswire/ -- Shares in Penn West Petroleum Ltd. ("Penn West" or the "Company") (NYSE:PWE) have plunged more than 13% on news the Company has initiated an Audit Committee review of its accounting practices and that ...