NEW YORK, March 8, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) announces that a class action suit was filed in the United States District Court for the Northern District of Alabama against Walter Energy, Inc. ("Walter Energy" or the "Company") (NYSE: WLT), Case No. 12-cv-00281, on behalf of purchasers of Walter Energy stock between April 20, 2011 and September 21, 2011 (the "Class Period").
The complaint alleges defendants issued materially false and misleading statements regarding the Company's business during the Class Period. Specifically, defendants misrepresented and/or failed to disclose the following facts: (i) the Company was experiencing "squeeze" events in Alabama and lower coal transportation rates in Canada that significantly reduced the Company's coal production; (ii) Walter Energy's commitment to ship more than 700,000 tons of coal in 2Q11 at 1Q11 sales prices would result in a material adverse effect on the Company's average sales prices and operating results; (iii) the Company was experiencing a significant decline in its margins and profitability; and (iv) defendants lacked a reasonable basis for their positive statements about the Company and its business prospects during the Class Period.
If you purchased Walter Energy shares during the Class Period, you have until March 26, 2012 to ask the Court to appoint you lead plaintiff for the class. Additionally, current holders of Walter Energy shares purchased at any time may have a claim. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.