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Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Patriot
Coal Corporation
Press Release: Glancy Binkow & Goldberg LLP – Tue, Oct 2, 2012 9:45 PM EDT.
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LOS ANGELES--(BUSINESS WIRE)--
Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been
filed in the United States District Court for the Eastern District of
Missouri on behalf of a class (the “Class”) consisting of all purchasers
of the securities of Patriot Coal Corporation (“Patriot Coal” or the “
Company”) (OTC Markets:PCXCQ) between October 21, 2010 and July 6, 2012,
inclusive (the “Class Period”), seeking to pursue remedies under the
Securities Exchange Act of 1934.
Patriot Coal Corporation engages in the mining, production and sale of
thermal coal, primarily to electricity generators in the eastern United
States. The Complaint alleges that during the Class Period the Company and
certain of its executive officers misrepresented and/or failed to disclose
that: (a) the Company's internal controls over financial reporting were
materially inadequate; (b) defendants improperly accounted for selenium
treatment facility liabilities at the Company’s mines; (c) the Company’s
reported financial results were overstated and were not presented in
conformity with GAAP; (d) the Company's business health was weakening; and (
e) as a result of the forgoing, the Company was headed for bankruptcy and
would not survive as a going concern.
On July 9, 2012, Patriot Coal announced that the Company and substantially
all of its wholly owned subsidiaries have filed voluntary petitions for
reorganization under Chapter 11 of the Bankruptcy Code. Following this news,
the price of Patriot Coal shares dropped 72% -- from a closing pricing of $
2.19 per share on July 6, 2012, to a closing price of $0.61 per share on
July 9, 2012.
No class has yet been certified in the above action. Until a class is
certified, you are not represented by counsel unless you retain one. If you
are a member of the above-described Class, you have certain rights, and have
until November 21, 2012 to move for lead plaintiff status. To be a member
of the class you need not take any action at this time; you may retain
counsel of your choice or take no action and remain an absent class member.
To learn more, or if you have any questions concerning this Notice or your
rights or interests with respect to these matters, please contact Michael
Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East,
Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150,
Toll Free at (888) 773-9224, by e-mail to s**********[email protected] or
visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
.
.
Contact:.
.
Glancy Binkow & Goldberg LLP, Los Angeles, CA
Michael Goldberg
(310) 201-9150 or (888) 773-9224
s**********[email protected]
www.glancylaw.com
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Patriot
Coal Corporation
Press Release: Glancy Binkow & Goldberg LLP – Tue, Oct 2, 2012 9:45 PM EDT.
. .
.
.
LOS ANGELES--(BUSINESS WIRE)--
Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been
filed in the United States District Court for the Eastern District of
Missouri on behalf of a class (the “Class”) consisting of all purchasers
of the securities of Patriot Coal Corporation (“Patriot Coal” or the “
Company”) (OTC Markets:PCXCQ) between October 21, 2010 and July 6, 2012,
inclusive (the “Class Period”), seeking to pursue remedies under the
Securities Exchange Act of 1934.
Patriot Coal Corporation engages in the mining, production and sale of
thermal coal, primarily to electricity generators in the eastern United
States. The Complaint alleges that during the Class Period the Company and
certain of its executive officers misrepresented and/or failed to disclose
that: (a) the Company's internal controls over financial reporting were
materially inadequate; (b) defendants improperly accounted for selenium
treatment facility liabilities at the Company’s mines; (c) the Company’s
reported financial results were overstated and were not presented in
conformity with GAAP; (d) the Company's business health was weakening; and (
e) as a result of the forgoing, the Company was headed for bankruptcy and
would not survive as a going concern.
On July 9, 2012, Patriot Coal announced that the Company and substantially
all of its wholly owned subsidiaries have filed voluntary petitions for
reorganization under Chapter 11 of the Bankruptcy Code. Following this news,
the price of Patriot Coal shares dropped 72% -- from a closing pricing of $
2.19 per share on July 6, 2012, to a closing price of $0.61 per share on
July 9, 2012.
No class has yet been certified in the above action. Until a class is
certified, you are not represented by counsel unless you retain one. If you
are a member of the above-described Class, you have certain rights, and have
until November 21, 2012 to move for lead plaintiff status. To be a member
of the class you need not take any action at this time; you may retain
counsel of your choice or take no action and remain an absent class member.
To learn more, or if you have any questions concerning this Notice or your
rights or interests with respect to these matters, please contact Michael
Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East,
Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150,
Toll Free at (888) 773-9224, by e-mail to s**********[email protected] or
visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
.
.
Contact:.
.
Glancy Binkow & Goldberg LLP, Los Angeles, CA
Michael Goldberg
(310) 201-9150 or (888) 773-9224
s**********[email protected]
www.glancylaw.com
