Massey Energy Company (NYSE: MEE) Investor Securities Class Action Lawsuit 04/29/2010

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Company Name(s): 
Massey Energy Company
Case Name: 
Massey Energy Company Shareholder Class Action 04/29/2010
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: MEE
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/29/2010
Class Period Begin: 
02/01/2008
Class Period End: 
07/27/2010
Court of Filing: 
U.S. District Court for the Southern District of West Virginia
Deadline To File for Lead: 
06/28/2010
Date Settled: 
02/19/2014
Settlement Amount: 
$265,000,000
Deadline to Participate in Settlement: 
07/03/2014
Summary: 

December 7, 2015 - The court ordered the authorization of the distribution of the net settlement fund.

June 4, 2014 - The court held a final settlement hearing and approved the settlement.

February 19, 2014 - The court preliminarily approved the settlement.

February 5, 2014 - Parties filed a stipulation of settlement.

March 28, 2012 - The court denied the defendants motion to dismiss.

April 25, 2011 - The defendants filed a motion to dismiss.

March 11, 2011 - The lead plaintiff filed an amended consolidated complaint on behalf of investors of Massey Energy Company (NYSE: MEE) common stock between February 1, 2008 and July 27, 2010. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 1, 2008 and July 27, 2010.

January 10, 2011 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

June 28, 2010 - Lead plaintiff motions were filed.

May 28, 2010 - Another investor filed a complaint in the U.S. District Court for the Southern District of West Virginia on behalf of investors who purchased Massey Energy Company (NYSE: MEE) common shares between February 1, 2008 and May 15, 2010.

April 29, 2010 - An investor in shares of Massey Energy Company (NYSE: MEE) filed a lawsuit in the U.S. District Court for the Southern District of West Virginia against Massey Energy Company over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 28, 2009 to April 21, 2010.

According to the complaint the plaintiff alleges that Massey Energy Company and certain of its officers and directors violated the Securities Exchange Act of 1934. In particular, the complaint alleges that prior to and between October 28, 2009 and April 21, 2010, Massey Energy Company claimed to be one of the safest mine operators in the industry, regularly touting its safety achievements and telling investors that safety was its number one priority. Then, on April 5, 2010, an explosion at the Upper Big Branch mine near Montcoal, West Virginia, revealed the falsity of Massey Energy Company's repeated representations about the safety of its mining operations when twenty-nine miners lost their lives in the deadliest U.S. mine accident in nearly 40 years, so the lawsuit. The price of Massey Energy Company common stock (NYSE: MEE) declined following the explosion and subsequent revelations regarding Massey Energy Company's safety violations, so the lawsuit.

On April 21, 2010, eight Massey Energy Company mines were the target of surprise inspections by federal mine safety officials. Then, after the market closed, Massey Energy Company announced its first quarter earnings and told investors that it would take up to $150 million in charges in the second quarter to account for the potential costs and liabilities associated with the Upper Big Branch tragedy. On these events Massey Energy Company 's stock fell to as low as $41.30 per share on April 22, 2010 before closing at $42.93 per share. Shares of Massey Energy Company (NYSE: MEE) traded recently at $41.16 per share, down from its 52 week High of $54.80 per share and over $90 per share in 2008.

Massey Energy Company reported in 2007 Total Revenue of $2.41352 billion, in 2008 $2.98979 billion, and in 2009 $2.69116 billion.

On January 29, 2011, Alpha Natural Resources Inc agreed to buy Massey Energy Company.

Massey Energy Company, located in Richmond, VA, is a coal producer in the United States.