The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Walter Energy, Inc.

Friday, March 09, 2012

Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Walter Energy, Inc.21:35 EST Friday, March 09, 2012 LOS ANGELES (Business Wire) -- 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. (“Walter Energy” or the “Company”) (NYSE:WLT) 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. To be a member of the class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent class member. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at 310-201-9150 or Toll Free at 888-773-9224, by e-mail to shareholders@glancylaw.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Glancy Binkow & Goldberg LLP, Los Angeles, CAMichael Goldberg310-201-9150 or 888-773-9224shareholders@glancylaw.comwww.glancylaw.com