Archive for September, 2014

New Class Action Lawsuit Against Penn West Petroleum, Ltd.

PENN WEST SHAREHOLDER ALERT– National Securities Law Firm Announces Expanded Class Period and Encourages Shareholders With Losses in Excess of $100,000 to Contact Law Firm Before the October 3, 2014 Deadline

September 8, 2014
New York, New York

Tripp Levy PLLC, a leading national securities law firm, announces that a new class action lawsuit has been filed against Penn West Petroleum, Ltd. (“Penn West”) (NYSE:PWE), and certain of its current and former officers, in the United States District Court for the Southern District of New York, on behalf of all persons who purchased shares of Penn West common stock on the New York Stock Exchange (“NYSE”) during the period February 17, 2011 through July 29, 2014 (the “Class”), and were damaged thereby. This action alleges claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

The Complaint charges that Defendants made materially false and/or misleading statements, including that the Company was understating operating costs and overstating capital expenditures and royalty expenses; and the Company’s improper accounting practices were causing Penn West to be at risk of non-compliance with certain of its debt covenants.

On July 29, 2014, the Company disclosed that its Audit Committee was conducting an internal review of certain of its accounting practices for “2014 and the four previous fiscal years.” Thus far, the Audit Committee has concluded that the Company improperly reclassified approximately $181 million in operating expenses as capital expenditures, and had “incorrectly reclassified” approximately $200 million in additional operating expenses as royalty expenses for 2012 and 2013. The Company will restate its past financial statements for years 2012 and 2013 and certain interim periods, and consequently, may not be in compliance with certain of its debt covenants.

On this news, Penn West shares declined $1.30 per share or 14% on July 30, 2014.

If you purchased shares of Penn West since February 17, 2011 and suffered losses in excess of $100,000 on your investment, and wish to discuss this matter at no cost or expense, please contact us toll free at 1-800-511-7037 or contact us via our website.

Tripp Levy PLLC is a leading national securities and shareholder rights law firm with offices across the country representing both individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders. Tripp Levy PLLC is affiliated with Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.

Class action has been filed against Rocket Fuel Inc.

ROCKET FUEL SHAREHOLDER ALERT: National Securities Law Firm Encourages Investors Who Have Losses in Excess of $100,000 to Contact Law Firm Before the November 3, 2014 Lead Plaintiff Deadline in Class Action Lawsuit

September 5, 2014
New York, New York

Tripp Levy PLLC, a leading national securities law firm, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Rocket Fuel Inc. (“Rocket Fuel” or the “Company”) (Nasdaq:FUEL) common stock during the period between September 20, 2013 and August 5, 2014, inclusive (the “Class Period”), including those who purchased shares in the Company’s initial public offering pursuant to the Registration Statement and Prospectuses (“Offering Documents”).

The complaint accuses the defendants of violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 by virtue of the Company’s failure to disclose in the Offering Documents and/or during the Class Period that a large percentage of the ads Rocket Fuel brokered were being “viewed” by automated fraudulent computer programs the Company could not identify and eliminate rather than people such that the Company’s operations and financial performance were in jeopardy. According to the complaint, following the Company’s August 5, 2014 announcement that it expected 2014 revenue to be substantially lower than its forecast, following a Wall Street Journal article on that same day the Company’s lowering of its full-year revenue guidance, and following George John’s comments during a conference call with investors on that same date during which he suggested that fraudulent traffic is an industry-wide phenomena that was not well understood and expressed surprise at the extent to which industry trends, including “bot traffic and low-quality ad space on digital exchanges,” the value of Rocket Fuel shares declined significantly.

Plaintiff seeks to recover damages on behalf of all shareholders who purchased shares of Rocket Fuel during the Class Period described above.

No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact us toll free at 1-800-511-7037 or contact us via our website.

Tripp Levy PLLC represents individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders in similar actions around the globe. Tripp Levy PLLC is affiliated with the law firm Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.

Investigating Marrone Bio Innovations, Inc.

Marrone Shareholder Alert- National Securities Law Firm Encourages Marrone Bio Innovations, Inc. Shareholders With Significant Losses to Contact Law Firm

September 4, 2014
New York, New York

Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating potential securities fraud claims against on behalf of purchasers of the securities of Marrone Bio Innovations, Inc. (“Marrone Bio Innovations” or the “Company”) (MBII).

The investigation focuses on whether the Company and certain of its executives violated federal securities laws.

On September 3, 2014 Marrone Bio Innovations announced in a regulatory filing that, “our board’s Audit Committee has commenced an internal investigation after learning of documents calling into question the recognition of revenue in the fourth quarter of 2013 for an $870,000 transaction. On September 2, 2014 the Audit Committee concluded, after consultation with management, that our previously reported financial statements as of December 31, 2013 and for the fiscal year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, the related report of the independent auditors on those 2013 financial statements dated March 25, 2014, and the unaudited interim financial statements included in the Company’s Quarterly Reports on Forms 10-Q for the quarters ended March 31, 2014 and June 30, 2014, should no longer be relied upon.”

On this news, shares of Marrone Bio Innovations fell $2.50 or 44.25% on September 3, 2014 to $3.15 per share.

If you purchased shares of Marrone Bio Innovations and suffered significant losses on your investment, and wish to discuss this matter at no cost or expense, please contact us toll free at 1-800-511-7037 or contact us via our website.

Tripp Levy PLLC is a leading national securities and shareholder rights law firm with offices across the country representing both individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders. Tripp Levy PLLC is affiliated with Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.

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