Walter Energy, Inc. (NYSE:WLT) Investor Files Class Action Lawsuit Over Securities Laws Violations In Connection With Certain Of Its Financial Statements

If you purchased shares of Walter Energy, Inc. (NYSE: WLT) including but not limited those who purchased WLT stocks between April 20, 2011 and September 21, 2011, you have certain options and there are strict and short deadlines running. Deadline: March 26, 2012. NYSE WLT stockholders should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Walter Energy
Case Name: 
Walter Energy Shareholder Class Action Lawsuit 01/26/2012
Case Status: 
Lawsuit Filed
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
Summary: 

San Diego, Jan. 27, 2012 (Shareholders Foundation) -- 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 over alleged Violations of Federal Securities Laws in connection with certain of its financial statements.

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 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’s business and prospects.

Walter Energy, Inc. reported that its annual revenue rose from $774.79million in 2007 to $1.58billion in 2010 and its Net Income increased from $112million for ’07 to $395.43million in 2010. Walter Energy reported that its third quarter Revenue increased from $464.26million in 2010 to $690.07million in 2011, however its third quarter Net Income fell from $136.22million in 2010 to $76.22million in 2011.

Shares of Walter Energy, Inc. (Public, NYSE:WLT) surged from as low as $12.65 per share in December ’08 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, NYSE WLT shares dropped down to under $60 in early January 2012.