Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) ( http://www.rgrdlaw.com/cases/walterenergy/) today announced that a class action has been commenced in the United States District Court for the Northern District of Alabama on behalf of purchasers of the common stock of Walter Energy, Inc. (“Walter” or the “Company”) (NYSE: WLT) between April 20, 2011 and September 21, 2011, inclusive (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/walterenergy/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Walter and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Walter, through its consolidated subsidiaries, mines and exports hard coking coal for the global steel industry.
The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (i) that the Company was experiencing so-called “squeeze” events in Alabama and lower coal transportation rates in Canada that significantly reduced Walter’s coal production; (ii) that 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’s average sales prices and operating results during the second quarter; (iii) that Walter was experiencing a significant decline in its margins and profitability; and (iv) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its business prospects during the Class Period.
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