According to Penguin 2.0 update.
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Hi,
As there have been already been lots of discussion around Penguin I would like to direct you to this article by John Doherty of Distilled. He explains the different strategies you have for researching if you're hit by Penguin and what you can do about it.
Hope this helps!
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I think it's important not to react before you've dug into the situation. There are a lot of reasons you can lose traffic and ranking temporarily, and solving the wrong problem, especially when the solution involves disavowing links, can be dangerous.
Some things to check:
(1) Was this loss sustained (is it still going on)?
(2) Did traffic drop or did traffic+rankings drop?
(3) What keywords or categories of keywords (brand vs. non-brand, for example) were affected?
(4) What landing pages were affected?
The more you can isolate the problem, the better. Also, check Google Webmaster Tools and make sure you haven't missed any notifications that could signal a manual penalty.