5 Million Settlement Reached in the Canadian Penn West Securities Class Actions TORONTO, April 20, 2016 /CNW/ This news release is directed to all persons, excluding certain persons associated with the defendants, who acquired common shares of Penn West Petroleum Ltd.
("Penn West") on the Toronto Stock Exchange or on alternative trading systems in Canada during either: (1) the period from March 17, 2011 to and including July 29, 2014 ("First Class Period") and held some or all of those shares at the close of trading on July 29, 2014; and/or (2) the period from July 30, 2014 to and including September 18, 2014 ("Second Class Period") and held pandora carms some or all of those shares at the close of trading on September 18, 2014 (collectively, "Class Members"). In 2014, proposed class actions were commenced against Penn West and others in the Ontario Superior Court of Justice, Middlemiss v. Penn West Petroleum Ltd. et al., Court File Number CV 15 525189 buy pandora bracelet 00CP, the Qu Superior Court, Benadiva v. Penn West Petroleum Ltd. et al., Court File Number 500 06 000713 145 and the Alberta Court of Queen's Bench, Allen v. Penn West Petroleum Ltd. et al., Court File Number 1401 08454. The plaintiffs in these actions allege that Penn West's historical financial statements were not prepared in accordance with GAAP and/or International Financial Reporting Standards. exchange, pandora charm offers from February 18, 2010 through July 29, 2014, inclusive, and who were damaged thereby. The parties to the Canadian actions have reached a proposed settlement, without admission of liability, which is subject to the approval by the courts in Ontario, Qu and Alberta (collectively the "Courts"). court. This notice provides a summary of the proposed Canadian settlement. action. Of the $53,000,000, $26,500,000 is allocated to the Canadian settlement. The settlement funds, less the lawyers' fees approved by the Courts and administration costs, will be distributed to or on behalf of the Class Members. Distributions to Ontario Class Members will be subject to a ten (10) percent deduction for the Class Proceedings Fund. pandora bracelet for kids Distributions to Qu Class Members will be subject to a deduction for the Fonds d'aide au actions collectifs. LAWYERS' FEES, DISBURSEMENTS AND TAXES AND THE CLASS PROCEEDINGS FUND The lawyers for the Class Members will ask the Courts to approve legal fees in the amount of thirty three (33) percent of $26,500,000, plus disbursements, plus taxes. at the court house at 601, 5th Street Southwest, Calgary. Class Members who wish to object must do so before the deadline established by each Court. The deadline for objections for the hearing in Ontario is May 26, 2016.
The deadline for objections for the hearing in Qu is May 27, 2016. The deadline for objections for the hearing in Alberta is June 22, 2016. A written objection should include the following information:(a) the objector's name, current mailing address, telephone number, fax number and email address;(b) the number of shares purchased during and held at the close of the First Class Period;(c) the number of shares purchased during and held at the close of the Second Class Period;(d) whether the objector is a proposed Class Member of the Ontario, Alberta or Qu action;(e) a brief statement of the nature of and reasons for the objection; and(f) whether the objector intends to appear at the hearing in person or by counsel, and, if by counsel, the name, address, telephone number, fax number and email address of counsel.
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