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Case Status:    SETTLED
On or around 04/15/2014 (Ongoing date of last review)

Filing Date: April 29, 2010

According to the press release dated April 29, 2010, the complaint charges Massey and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Massey produces, processes, and sells bituminous coal extracted from 56 mines in West Virginia, Kentucky and Virginia, and claims to be the largest coal company in Central Appalachia.

Specifically, the complaint alleges that prior to and during the Class Period, Massey claimed to be one of the safest mine operators in the industry, regularly touting its safety achievements and telling investors that safety was its number one priority. In fact, safety at Massey’s mines was repeatedly sacrificed so that aggressive production goals could be met, and Massey had received numerous undisclosed citations arising from serious uncorrected safety and other regulatory violations. Then, on April 5, 2010, an explosion at the Upper Big Branch mine near Montcoal, West Virginia, revealed the falsity of Massey’s repeated representations about the safety of its mining operations when twenty-nine miners lost their lives in the deadliest U.S. mine accident in nearly 40 years. In the days following the tragedy, hundreds of incidents of uncorrected safety violations at Massey’s operations came to light. The price of Massey common stock plunged following the explosion and subsequent revelations regarding Massey’s safety violations. On April 21, 2010, eight Massey mines were the target of surprise inspections by federal mine safety officials. Then, after the market closed, Massey announced its first quarter earnings and told investors that it would take up to $150 million in charges in the second quarter to account for the potential costs and liabilities associated with the Upper Big Branch tragedy. On these events, and despite the fact that the Company’s first quarter earnings had purportedly beat the Street by $0.11 per share, Massey’s stock fell to as low as $41.30 per share on April 22, 2010 before closing at $42.93 per share.

On January 10, 2011, Judge Irene C. Berger consolidated several actions under lead case, "IN RE MASSEY ENERGY CO. SECURITIES LITIGATION, Civil Action No. 5:10-cv-00689." Further, according to the Order, Massachusetts PRIT is appointed as Lead Plaintiff in the Consolidated Action, and Labaton Sucharow LLP and Robbins Geller Rudman & Dowd LLP are approved as Co-Lead Counsel and James F. Humphreys & Associates, L.C. is approved as Liaison Counsel for the Class. On March 11, 2011, the lead plaintiff filed a Consolidated Amended Class Action Complaint. The defendants responded by filing motions to dismiss on April 25, 2011.

On March 27, 2012, the Court issued an Order denying the defendants' motions to dismiss.

On February 5, 2014, a Stipulation and Agreement of Settlement was entered into the Court's docket. This Settlement was preliminarily approved by the Court on the 14 days later.

COMPANY INFORMATION:

Sector: Energy
Industry: Coal
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MEE
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. West Virginia
DOCKET #: 10-CV-00689
JUDGE: Hon. Irene C. Berger
DATE FILED: 04/29/2010
CLASS PERIOD START: 10/28/2009
CLASS PERIOD END: 04/21/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. John F. Dascoli
    2442 Kanawha Boulevard, East, John F. Dascoli, WV 25311
    304.720.8684 304.720.8684 ·
  2. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  3. Robbins Geller Rudman & Dowd LLP (San Francisco)
    100 Pine Street, Suite 2600, Robbins Geller Rudman & Dowd LLP (San Francisco), CA 94111
    415.288.4545 415.288.4534 ·
  4. VanOverbeke Michaud & Timmony, P.C.
    79 Alfred Street, VanOverbeke Michaud & Timmony, P.C., MI 48201
    313.578.1200 313.578.1200 ·
No Document Title Filing Date
COURT: S.D. West Virginia
DOCKET #: 10-CV-00689
JUDGE: Hon. Irene C. Berger
DATE FILED: 03/11/2011
CLASS PERIOD START: 02/01/2008
CLASS PERIOD END: 07/27/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
  2. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
  3. Robbins Geller Rudman & Dowd LLP (San Francisco)
    100 Pine Street, Suite 2600, Robbins Geller Rudman & Dowd LLP (San Francisco), CA 94111
    415.288.4545 415.288.4534 ·
No Document Title Filing Date
No Document Title Filing Date