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The Football Association have confirmed that no further action will be taken after discussing the incident with Penton and the player will remain on the League's list of referees.
The incident happened during the closing stages of the Championship clash between The Lions and City at The Den last month and lead to angry protests from players and fans alike.
Penton blew for a penalty after defender Tony Craig appeared to have brought down Coventry's Claus Jorgensen but then awarded a goal to the away side after the grounded Jorgensen's put the ball into the back of the net.
The referee allowed the goal to stand but admitted to Millwall manager Dennis Wise after the game that he had made a mistake.