Penn Virginia Corporation faces Former Employee Investigation

July 19, 2011 - PRLog -- An investigation on behalf of former and current employees of Penn Virginia Corporation, who are or were participants or beneficiaries of the Penn Virginia employee company stock option plan and/or currently hold NYSE- PVA stock over possible breaches of fiduciary duties in connection with Penn Virginia’s executive compensation practices was announced.

If you are a former and current employees of Penn Virginia Corporation, who are or were participants or beneficiaries of the Penn Virginia employee pension plan and currently hold Penn Virginia Corp.  stock, and/or have any information relating the investigation, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on possible breaches of fiduciary duties related to potential excessive compensation that was awarded to certain senior officers and executives at Penn Virginia Corporation  based upon its current operating condition and that was improper compared to what senior officers and executives at comparable companies were making.

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.

However, Penn Virginia’s 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.

Additionally, 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.

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.

Former (or current) employees of Penn Virginia Corp, who currently hold stocks of Penn Virginia , may be eligible to file a complaint against certain directors and officers, so the investigation.

Those who are former and current employees of Penn Virginia Corporation, who are or were participants or beneficiaries of the Penn Virginia employee pension plan and currently hold Penn NYSE- PVA stock, and/or those who have any information relating the investigation, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.