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Jan. 28, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Walter Energy, Inc. ("Walter" or the "Company") (NYSE: WLT).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Walter's business was suffering from "squeeze" events in
Alabama and lower coal transportation rates in
Canada which hampered the Company's coal production; and (2) Walter's commitment to ship more than 700,000 tons of coal in the second quarter at first quarter sales prices would hurt the Company's average sales prices and operating results.
August 3, 2011, Walter issued a press release announcing its operating results for its 2011 fiscal second quarter, the period ended
June 30, 2011. For the quarter, the Company announced net income of
$107.4 million, or
$1.71 per diluted common share, significantly less than Wall Street estimates. Then, 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
September 21, 2011, on extremely heavy trading volume.
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If you purchased Walter securities between
April 20, 2011 and
September 21, 2011 and would like to discuss your legal rights, visit
www.faruqilaw.com/WLT. You can also contact us by calling
Richard Gonnello or
Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Walter Energy's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential matter.FARUQI & FARUQI, LLP369 Lexington Avenue, 10th Floor
New York, NY 10017Attn:
Richard Gonnello, Esq.email@example.comFrancis McConville, Esq.firstname.lastname@example.orgTelephone: (877) 247-4292 or (212) 983-9330