Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Alabama on behalf of investors who purchased Walter Energy, Inc. (“Walter Energy” or the “Company”) (NYSE: WLT) stock between April 20, 2011 and September 21, 2011 (the “Class Period”).
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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: (a) 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; (b) 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 materially adverse effect on Walter’s average sales prices and operating results during the second quarter; (c) that Walter was experiencing a significant decline in its margins and profitability; and (d) 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.
On September 21, 2011, Walter issued a press release announcing its attempt to “enhance” its historical statistical disclosure and its revisions to its 2011 second half sales expectations. In response to this announcement, the price of Walter common stock declined from $75.00 per share on September 20, 2011 to $66.25 on September 21, 2011, on extremely heavy trading volume.If you suffered a loss in Walter Energy you have until March 26, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (877) 363-5972, or visit http://www.zlk.com/walter-energy-wlt.html. Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.