Penn West shares plunge after SEC files fraud charges involving three former execs
CALGARY — Shares in Penn West Petroleum dropped sharply Wednesday morning after the U.S. Securities and Exchange Commission announced it had filed fraud-related charges against it and three former finance executives.
The Calgary-based oil and gas firm’s stock fell by as much as 10.34 per cent, or 18 cents, to a 52-week low of $1.56, after being halted on the Toronto Stock Exchange pending the announcement.
The shares were down 10 cents at $1.64 in late-afternoon trading.
The news came two days after Penn West (TSX:PWT) changed its name to Obsidian Energy Ltd., vowing to distance itself from its debt-burdened and scandal-tainted past.