SOURCE: Brower Piven, A Professional Corporation

January 27, 2012 15:37 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $1,000,000 From Investment in Walter Energy, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the March 26, 2012 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Jan 27, 2012) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Alabama on behalf of purchasers of the common stock of Walter Energy, Inc. ("Walter Energy" or the "Company") (NYSE: WLT) during the period between April 20, 2011 and September 21, 2011, inclusive (the "Class Period").

If you have suffered a net loss for all transactions in Walter Energy, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than March 26, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company was experiencing so-called "squeeze" events in Alabama and lower coal transportation rates in Canada that significantly reduced Walter's coal production, that Walter was experiencing a significant decline in its margins and profitability, and that the Company's commitment to ship more than 700,000 tons of coal in the second quarter at first quarter sales prices would result in a material adverse effect on Walter's average sales prices and operating results during the second quarter. According to the complaint, after, on August 3, 2011, Walter issued a press release announcing operating results for the quarter ended June 30, 2011 significantly less than Wall Street estimates, and, after, on September 21, 2011, Walter announced its attempt to "enhance" its historical statistical disclosure and its revisions to its 2011 second half sales expectations, the value of Walter shares declined significantly.

If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact