Glancy Binkow & Goldberg LLP announces that a class action lawsuit
has been filed in the United States District Court, Northern District of
Alabama, on behalf of purchasers of the common stock of Walter Energy,
Inc. between April 20, 2011 and September 21, 2011, inclusive (the
“Class Period”), alleging violations of the Securities Exchange Act of
1934. Walter Energy produces and exports metallurgical coal for electric
utility and industrial customers in the United States.
The Complaint alleges that defendants misrepresented or failed to
disclose material adverse facts about the Company’s business and
financial prospects, including that: (1) the Company was experiencing
so-called “squeeze” events in Alabama and lower coal transportation
rates in Canada that significantly reduced the Company’s coal
production; (2) the Company’s commitment to ship more than 700,000 tons
of coal in the second quarter, at first quarter sales prices, would
result in a material adverse effect on Walter Energy’s second-quarter
average sales prices and operating results; (3) the Company was
experiencing a significant decline in its margins and profitability; and
(4), based on the foregoing, defendants lacked a reasonable basis for
their positive statements about the Company’s business and financial
prospects during the Class Period.
No class has yet been certified in the above action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased Walter Energy common stock between April 20, 2011 and
September 21, 2011, you have certain rights, and have until March 26,
2012 to move for lead plaintiff status.
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