Master File No. 14-cv-6046-JGK (S.D.N.Y)
Welcome to the settlement website for In re Penn West Petroleum Ltd. Securities Litigation, that was pending in the United States District Court for the Southern District of New York (the “U.S. Action”). This website relates to the Settlement of the U.S. Action and only discusses the rights and options of members of the Settlement Class in the U.S. Action. There is a separate settlement for persons who acquired the securities of Penn West on the Toronto Stock Exchange, on an alternative trading market in Canada, or otherwise in Canada from March 17, 2011 through July 29, 2014, inclusive, and/or July 30, 2014 through September 18, 2014, inclusive, and held some or all of those securities at the close of trading on July 29, 2014 or September 18, 2014 (the “Canadian Class”). If you are a member of the Canadian Class, you can learn more about your rights and options at the website dedicated to the Canadian cases: www.PennWestCanadianClassAction.com.
The Settlement of the U.S. Action
On June 28, 2016 the Court granted final approval of the Settlement of this Action reached by the Court-appointed Lead Plaintiffs, the City of Miami Fire Fighters’ and Police Officers’ Retirement Trust and Avi Rojany (collectively “Lead Plaintiffs”), on behalf of themselves and the other members of the Settlement Class (defined below), with defendants Penn West Petroleum Ltd. (“Penn West”), Todd H. Takeyasu, Jeffery Curran, David E. Roberts, William E. Andrew and Murray R. Nunns. The Settlement provides for a payment of Can$26,500,000 in cash (the “Settlement”), which equated to US$19,759,282 on the date of payment.
If you are a member of the Settlement Class, your rights will be affected and you may be eligible for a payment from the Settlement. The Settlement Class consists of:
All persons or entities who or which (i) purchased or otherwise acquired Penn West common stock or trust units on an open market located within the United States, including but not limited to the New York Stock Exchange (“NYSE”) or another domestic exchange, or (ii) purchased or otherwise acquired Penn West call options, or sold or wrote Penn West put options, on an open market located within the United States, including but not limited to the NYSE or another domestic exchange, from February 18, 2010 through July 29, 2014, inclusive (the “Settlement Class Period”), and who were damaged thereby, except for certain persons and entities who are excluded from the Settlement Class (see, paragraph 24 of the Settlement Notice).
Please read the Settlement Notice to fully understand your rights. A copy of the Settlement Notice can be found in the menu at the left of this page.