An investigation on behalf of current long term investors in shares of Penn Virginia Corporation (NYSE: PVA) concerning possible breaches of fiduciary duties related to potential excessive compensation that was awarded to certain senior officers and executives at Penn Virginia Corp. was announced.

The investigation by a law firm focuses on whether the directors and officers of Penn Virginia Corporation harmed the company by breaching their fiduciary duties to shareholders. In particular the investigation on behalf of current long term investors in Penn Virginia Corp. (PVA) focuses on possible shareholder claims that certain of Penn Virginias senior officers and executive were unjustly enriched through their receipt of unwarranted, excessive or unearned compensation in past years.

Penn Virginias CEO pay rose from roughly $2.989million in 2009 to $4.039million in 2010 and its CFOs pay rose from $1.084million in 2009 to $1.789million in 2010.

However, Penn Virginias shareholders recently expressed their disdain for executive pay packages by voting no on Penn Virginia's say on pay provision. Penn Virginia Corp. received only 41 % support for its pay practices at its May 4 annual meeting, according to a company filing.

The investigation concerns possible claims that the prior compensation awarded at Penn Virginia Corporation is improper based upon its current operating condition.

Penn Virginias 12months Total Revenue decreased from $852.95million in 2007 to $254.44million in 2010, respectively $235.21million in 2009. Its Net Income fell from $50.49million for 2007, respectively $121.08million for 2008 to a Net Loss of $114.64million in 2009.
For the first quarter in 2011 Penn Virginia Corp. reported a Net Loss of $26.34million compared to a Net Income of $13.59million a year earlier.

Shares of Penn Virginia Corporation (Public, NYSE:PVA) fell from as high as $75.13 in July 08 to as low as $8.94 per share in March 09 and traded recently at under $15 per share.

The investigation seeks to determine whether certain senior officers and executives at Penn Virginia Corp. were awarded salaries, bonuses, stock options and other forms of long-term, incentive or retirement compensation that were excessive or unwarranted based on the Penn Virginias performance as compared to what senior officers and executives at comparable companies were making and/or results that were fraudulent, misleading or not long-lasting.

Finally the investigation focuses also on possible shareholder claims that would allow Penn Virginia (NYSE:PVA) stockholders to more efficiently influence or control future compensation decisions at Penn Virginia Corporation.