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The Penguin Update was launched by Google in the month of April 2012, with the purpose to catch the sites which are in any way spamming its search results, and particularly those which are doing it by either buying links or getting them through other link networks which are designed mostly to boost the Google rankings. Whenever any new Penguin Update gets released, sites which have ever taken an action to remove the bad links, either through the Google link tool like disavow or to remove spam, may somehow regain their rankings and the new websites which were previously never caught may get trapped by the Penguin Update. However, it will not be surprising, if "False positive," sites, that may have been caught by mistake earlier, can escape too.
A lot of sites who were relying strongly on the low-quality link building were adversely affected. One can hear regular stories from a lot of business owners, who ended up getting hit really hard two years ago and still haven't recovered from it.
In a lot of cases, the small business owners suffered the worst as who they had hired an SEO consultant or a firm to help them perk up their rankings. They did not know that the work which was being done, was completely going against the Google's quality procedures. And as you read this, many of those small businesses are cutting their staff and losing a lot of their money because there is no way that they can recover their Google presence.