LOS ANGELES–(BUSINESS WIRE)–$BTU #CLASSACTION—Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Peabody Energy Corporation (“Peabody” or the “Company”) (NYSE: BTU) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Peabody investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/peabody-energy-corporation/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
Peabody is the largest coal mining company in the world with 23 coal mines organized into six business segments. Its largest segment is the Australian Metallurgical Mining segment, which accounted for 23.1% of Peabody’s revenue in 2016. Peabody’s most profitable operation is the North Goonyella mine, which is within the Australian Metallurgical Mining segment, and in 2017, the mine generated 20% of the Company’s total operating profit.
On September 28, 2018, Peabody announced that it did “not expect any production from North Goonyella in the fourth quarter of 2018” due to a fire occurring within the mine.
On this news, the Company’s stock price fell $5.54, or over 13%, to close at $35.64 per share on September 28, 2018, thereby injuring investors.
Then, on February 6, 2019, Peabody reported disappointing financial results for fourth quarter 2018 due to remediation costs and lack of production at the North Goonyella mine. The Company also announced that production would not resume at the mine until the “early months of 2020.”
On this news, the Company’s stock price fell $3.80, or 11%, to close at $32.05 per share on February 6, 2019, thereby injuring investors further.
Then, on October 29, 2019, Peabody disclosed that operations at the North Goonyella mine would not resume for three or more years due to local regulators’ strict restrictions.
On this news, the Company’s stock price fell $3.56, or 22%, to close at $12.48 per share on October 29, 2019, thereby injuring investors further.
Whistleblower Notice: Persons with non-public information regarding Peabody should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email firstname.lastname@example.org.
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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