Penn West Petroleum had been trading on the OTC market since the 1980s but upgraded to the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE) in January 2011. In March 2014, the company’s long-standing CFO suddenly stepped down. His internally appointed replacement was then terminated three months later, in June 2014. The next month, in July, the company announced that an internal review revealed that the company had been reclassifying operating expenses as capital items and that its financial statements from FY12 to 3Q14 could no longer be relied upon. This prompted a share price collapse. The company and former executives were charged by the SEC.
Last updated November 2022
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