- Penn West Petroleum (PWE), which said last month it had discovered nearly C$400M in accounting irregularities, faces a growing number of lawsuits after its shares lost more than 20% of their value following the admission.
- The changes did not affect PWE's net income or cash flow, but the errors have raised the ire of investors who have launched two class action suits in Canada, and at least 18 U.S. law firms have said they may pursue litigation against the company.
- Calgary-based class-action firm Docken Klym filed a C$400M suit earlier this month, and Toronto-based Rochon Genova said yesterday it has commenced a class-action suit.