Glancy Binkow & Goldberg LLP Announces Class Action
Recent Cases
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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Nicholas C. Minshew - Minshew & Ahluwalia LLP
Nicholas C. Minshew, Attorney at Law, concentrates his practice in the area of Family Law including divorce, separation, child support, child custody, alimony, division of property, separation agreements, domestic violence, prenuptial agreements, and child support enforcement & modification. Mr. Minshew provides legal services to clients in Washington, D.C., and throughout Maryland, including Montgomery County, Frederick County, and Prince George’s County. Mr. Minshew obtained his Juris Doctorate degree from the American University, Washington College of Law in 2000, where he worked as an editor for the Administrative Law Review. After receiving his law degree, Mr. Minshew worked as an attorney for the global law firm of Morgan, Lewis & Bockius LLP, and for Leonard Street & Deinard LLP representing companies in Federal proceedings. During that time, Mr. Minshew redirected his focus to provide legal services directly to individuals and families.