An investor in Walter Energy, Inc. (NYSE:WLT) shares filed a lawsuit against certain officers and directors of Walter Energy, inc over alleged breaches of fiduciary duties and other NYSE: WLT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/23/2012 -- The Shareholders Foundation announces that a current investor in NYSE:WLT shares filed a lawsuit against certain officers and directors of Walter Energy, Inc. (NYSE:WLT) over alleged breaches of fiduciary duties in connection with certain of its financial statements.
Investors who purchased shares of Walter Energy, Inc. (NYSE: WLT) and currently hold those or any of those WLT shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges the defendants exposed Walter Energy to billions of dollars in potential liability for violations of state and federal law. Further the plaintiff alleges that as a result of defendants improprieties, Walter Energy disseminated allegedly improper, public statements concerning its coal business and there statements have devastated Walter’s credibility as reflected by the its over $2.5billion market capitalization loss.
On August 3, 2011, Walter Energy, Inc. reported its operating results for its 2011 fiscal second quarter, the period ended June 30, 2011. For the quarter, Walter Energy, Inc. announced net income of $107.4 million, or $1.71 per diluted common share. The plaintiff claims that this is significantly less than Wall Street estimates.
Then, On September 21, 2011, Walter Energy, Inc. announced its attempt to “enhance” its historical statistical disclosure and its revisions to its 2011 second half sales expectations.
NYSE WLT shares dropped from over $130 per share in July 2011o under $60 in October 2011.
In January 2012 an investor in Walter Energy, Inc. (NYSE: WLT) shares filed already a lawsuit against Walter Energy, Inc alleging it violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements regarding its business and prospects. This lawsuit against Walter Energy was filed only for investors who purchased common stock of Walter Energy, Inc. (NYSE: WLT) between April 20, 2011 and September 21, 2011.
NYSE:WLT shares were able to regain some value in the first months in 2012 and reach over $76 per share in early February 2012, but then fell to slightly above $65 in mid-February and closed on February 17, 2012 at $65.51 per share, roughly half the value from July 2011.
Those who purchased shares of Walter Energy, Inc. (NYSE: WLT) and currently hold those or any of those WLT shares, have certain options and should contact the Shareholders Foundation.
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