The settlement includes all persons or entities who or which (i) purchased or otherwise acquired Penn West Petroleum Ltd common stock or trust units on an open market located within the United States, including but not limited to the New York Stock Exchange (“NYSE”) or another domestic exchange, or (ii) purchased or otherwise acquired Penn West Petroleum Ltd call options, or sold or wrote Penn West Petroleum Ltd put options, on an open market located within the United States, including but not limited to the NYSE or another domestic exchange, from February 18, 2010 through July 29, 2014.

June 28, 2016 - The court held a final settlement hearing and approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

March 1, 2016 - The court preliminarily approved the settlement.

February 12, 2016 - Parties filed a stipulation of settlement.

March 6, 2015 - The defendants filed motions to dismiss.

December 19, 2014 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased Penn West Petroleum Ltd (USA) (NYSE: PWE) common shares between February 18, 2011 through July 29, 2014. The lead plaintiffs alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 18, 2011 through July 29, 2014.

October 29, 2014 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

October 3, 2014 - Lead plaintiff motions were filed.

September 8, 2014 - Another investor filed a complaint in the U.S. District Court for the Southern District of New York on behalf of investors who purchased Penn West Petroleum Ltd (USA) (NYSE: PWE) common shares between February 17, 2011 through July 29, 2014.

August 5, 2014 - An additional investor filed a complaint.

August 4, 2014 - Another investor filed a complaint.

August 4, 2014 - An investor in shares of Penn West Petroleum Ltd (USA) (NYSE: PWE) filed a lawsuit in the U.S. District Court for the Southern District of New York against Penn West Petroleum Ltd (USA) over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 1, 2012 and July 29, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Penn West Petroleum Ltd (USA) (NYSE: PWE) common shares between May 1, 2012 and July 29, 2014, that the defendants violated Federal Securities Laws.

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

Penn West Petroleum Ltd reported that its annual Total Revenue declined from over $2.84 billion in 2012 to over $2.23 billion in 2013 and that its Net Income of $149 million in 2012 declined to a Net Loss of $838 million in 2013. Shares of Penn West Petroleum Ltd (USA) (NYSE: PWE) declined from $22.21 per share in February 2012 to as low as $7.12 per share in January 2014.

Since then NYSE: PWE shares rose to $10.14 per share in June 2014.

Then on July 29, 2014, the Company disclosed that its Audit Committee was conducting an internal review of certain of its accounting practices. 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.

Shares of Penn West Petroleum Ltd (USA) (NYSE: PWE) declined from $9.15 per share on July 29, 2014, to $7.50 per share on July 30, 2014, respectively to as low as $7.20 per share on August 7, 2014.

On August 8, 2014, NYSE: PWE shares closed at $7.44 per share.