The Ontario and Alberta Courts have authorized the distribution of the settlement funds and the Administrator will begin mailing cheques to Class Members in the Ontario and Alberta Actions in 21 days.
1. Strosberg Sasso Sutts LLP is counsel in a class action commenced in the Ontario Superior Court of Justice against Penn West Petroleum Ltd. and a number of its officers and directors (the “Ontario Action”). The claim is on behalf of all persons, other than certain persons associated with the defendants, who acquired common shares of Penn West on the Toronto Stock Exchange or on alternative trading systems in Canada during either: (1) the period from March 17, 2011 to and including July 29, 2014 (“First Class Period”) and held some or all of those shares at the close of trading on July 29, 2014; and/or (2) the period from July 30, 2014 to and including September 18, 2014 and held some or all of those shares at the close of trading on September 18, 2014 (collectively, “Class Members”). Related class actions were commenced in the Alberta Court of Queen’s Bench (the “Alberta Action”) and the Québec Superior Court (the “Québec Action”).
2. The plaintiff alleges that throughout the Class Periods, the defendants misrepresented that Penn West’s financial statements were prepared in accordance with GAAP and/or International Financial Reporting Standards.
3. On February 12, 2016, the parties to the Ontario Action, the Alberta Action and the Québec Action settled the actions for $26.5 million. All courts approved the settlement, plan of allocation, and the lawyers’ fees, disbursements and taxes.
4. The Administrator has reviewed all Claim Forms and has advised Claimants if their claim was deficient or ineligible. All References regarding the Administrator’s decisions have been completed.
5. On October 30, 2017, the Ontario Court approved the expenses incurred in the administration of the settlement and authorized the distribution of settlement funds.
6. On November 27, 2017, the Alberta Court approved the expenses incurred in the administration of the settlement and authorized the distribution of settlement funds.
7. Cheques will be sent to Class Members in the Ontario and Alberta Actions in 21 days.
8. Class Counsel in the Quebec Action, Merchant Law Group, are submitting their materials to the Quebec Court seeking an order authorizing distribution of the settlement funds. That is the only step that remains before Class Members receive their settlement cheques. That law firm can be reached at the following address:
Merchant Law Group LLP
200 – 10 Notre-Dame E
Montréal, QC H2Y 1B7
Phone: (514) 248-7777
9. Once the Quebec Court issues their approval order, the Administrator will distribute settlement fund cheques to Class Members.
10. If you have any questions, please call Strosberg Sasso Sutts LLP at 519.561.6296.
This website provides general information to class members on a class action commenced against Penn West. The court will ultimately decide who will be included as a class member. The information collected about class members will assist counsel in prosecuting the class action and assessing what damages were suffered by the class as a whole. Providing the information requested does not make you a client of Strosberg Sasso Sutts LLP.
Joel P. Rochon
All courts have now approved the settlement, plan of allocation, and the lawyers’ fees, disbursements and taxes. This approval is in respect of all Class Members.
A claim for compensation must be made on or before November 14, 2016. The deadline to opt out of the settlement is September 1, 2016.
More information is available here: http://www.pennwestcanadianclassaction.com/