Walter Energy Inc (NYSE: WLT) Investor Securities Class Action Lawsuit 01/26/2012

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Company Name(s): 
Walter Energy
Case Name: 
Walter Energy Shareholder Class Action Lawsuit 01/26/2012
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: WLT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/26/2012
Class Period Begin: 
04/20/2011
Class Period End: 
09/21/2011
Court of Filing: 
U.S. District Court for the Northern District of Alabama
Deadline To File for Lead: 
03/26/2012
Date Settled: 
11/23/2015
Settlement Amount: 
$25,000,000
Deadline to Participate in Settlement: 
05/09/2016
Summary: 

May 3, 2016 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

May 2, 2016 - The court held a final settlement hearing.

November 23, 2015 - The court preliminarily approved the settlement.

July 15, 2015 - Parties filed a stipulation of settlement.

January 29, 2013 - The court denied defendants’ motion to dismiss.

October 4, 2012 - Defendants filed a motion to dismiss.

August 20, 2012 - The lead plaintiffs filed an amended consolidated complaint.

June 6, 2012 - Lead plaintiffs and lead counsel were appointed.

March 26, 2012 - Lead plaintiff motions were filed.

January 26, 2012 - An investor in shares of Walter Energy Inc (NYSE: WLT) filed a lawsuit in the U.S. District Court for the Northern District of Alabama against Walter Energy Inc over alleged Violations of Federal Securities Laws in connection with certain of its financial statements made between April 20, 2011 and September 21, 2011.

According to the complaint the plaintiff alleges on behalf of purchasers of the common stock of Walter Energy Inc (NYSE: WLT) between April 20, 2011 and September 21, 2011, that Walter Energy Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by allegedly issuing materially false and misleading statements regarding Walter Energy Inc’s business and prospects.

Walter Energy Inc reported that its annual revenue rose from $774.79 million in 2007 to $1.58 billion in 2010 and its Net Income increased from $112 million for 2007 to $395.43 million in 2010. Walter Energy Inc reported that its third quarter Revenue increased from $464.26 million in 2010 to $690.07 million in 2011, however its third quarter Net Income fell from $136.22 million in 2010 to $76.22 million in 2011.

Shares of Walter Energy Inc (NYSE: WLT) surged from as low as $12.65 per share in December 2008 to as high as $141.17 per share on April 8, 2011.

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.

Since April 2011, Walter Energy Inc (NYSE: WLT) shares dropped down to under $60 in early January 2012.