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BRIEF-Obsidian Energy Ltd says named in lawsuit due to previously disclosed accounting practices
June 28, 2017 / 2:45 PM / 3 months ago

BRIEF-Obsidian Energy Ltd says named in lawsuit due to previously disclosed accounting practices

June 28 (Reuters) - Obsidian Energy Ltd:

* Co named in lawsuit due to previously disclosed accounting practices

* Do not anticipate matter to materially alter business activities of company

* Three of its former employees were named in a law suit filed by U.S. Securities and Exchange Commission

* ‍Law suit is based on certain historic Penn West accounting practices, discovered by company and reported to SEC in July 2014 ​

* Obsidian Energy Ltd says co formerly named Penn West Petroleum Ltd

* ‍Obsidian Energy Ltd says co, formerly named Penn West Petroleum Ltd, and three former employees named in a law suit filed by U.S. SEC​

* As a result of co’s investigation, and correction of practices, Penn West restated historic financial statements & results on Sept 18, 2014

* SEC’s complaint requests entry of injunctive relief preventing a reoccurrence of practices and certain financial relief Source text for Eikon: Further company coverage:

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