San Diego, CA -- (SBWIRE) -- 02/15/2012 -- The Shareholders Foundation announces that certain senior officers and executives at Penn Virginia Corporation are under investigation for current long term investors in NYSE:PVA shares concerning possible breaches of fiduciary duties related to potential excessive compensation that was awarded at Penn Virginia Corporation.
Investors who are current long term investors in shares of Penn Virginia Corporation (NYSE:PV), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether certain officers and directors of Penn Virginia Corporation violated shareholder protection laws by paying executives excessive compensation
Despite Penn Virginia's performance in 2009, 2010, and the first part of 2011, the compensation of certain executive officers at Penn Virginia Corporation.
In fact, Penn Virginia’s 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.
Nevertheless, Penn Virginia’s CEO pay rose from roughly $2.989million in 2009 to $4.039million in 2010 and its CFO’s pay rose from $1.084million in 2009 to $1.789million in 2010.
Shares of Penn Virginia Corporation (NYSE:PVA), which traded in 2008 as high as from as high as $75.13, fell from almost $28 per share in April 2010 to as low as $4.25 in December 2011 and closed on February 13, 2012 at slightly above $5 per share.
Those who are current long term investors in shares of Penn Virginia Corporation (NYSE:PV), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego