Case Page

 

Case Status:    SETTLED
On or around 05/03/2016 (Date of order of final judgment)

Filing Date: January 27, 2012

According to a press release dated January 26, 2012, the complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and prospects.

Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (i) that the Company was experiencing so-called “squeeze” events in Alabama and lower coal transportation rates in Canada that significantly reduced the Company’s coal production; (ii) 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 its average sales prices and operating results during the second quarter; (iii) that the Company was experiencing a significant decline in its margins and profitability; and (iv) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its business prospects during the Class Period.

On August 3, 2011, the Company issued a press release announcing its operating results for its 2011 fiscal second quarter, the period ended June 30, 2011. For the quarter, the Company announced net income of $107.4 million, or $1.71 per diluted common share, significantly less than Wall Street estimates. Then, On September 21, 2011, Walter issued a press release announcing its attempt to “enhance” its historical statistical disclosure and its revisions to its 2011 second half sales expectations. In response to this announcement, the price of \ common stock declined from $75.00 per share on September 20, 2011 to $66.25 on September 21, 2011, on extremely heavy trading volume.

On June 6, 2012, the Court issued an Order appointing lead plaintiffs and approving the selection of lead counsel.

On August 20, 2012, the Plaintiffs filed their consolidated amended complaint.

On January 29, 2013, the Court issued an Order denying without prejudice Defendants' Motions to Dismiss.

On June 12, 2015, the issuer Defendant was dismissed from this case pursuant to a Stipulation between the parties.

On July 15, 2015, the Lead Plaintiffs and the individual Defendants reached a Settlement Agreement. This Settlement was preliminarily approved by the Court on November 23. On May 3, 2016, the Court granted final approval of the Settlement and dismissed this case with prejudice.

COMPANY INFORMATION:

Sector: Energy
Industry: Coal
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: WLT
Company Market: NASDAQ
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: N.D. Alabama
DOCKET #: 12-CV-00281
JUDGE: Hon.Virginia Emerson Hopkins
DATE FILED: 01/27/2012
CLASS PERIOD START: 04/20/2011
CLASS PERIOD END: 09/21/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Dyer & Berens LLP
    303 East 17th Avenue, Suite 300, Dyer & Berens LLP, CO 80203
    303.861.1764 303.861.1764 ·
  2. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
  3. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  4. Ward & Wilson
    2100 Southbridge Parkway, Suite 580, Ward & Wilson, AL 35209
    205.871.5404 205/871-5758 ·
No Document Title Filing Date
COURT: N.D. Alabama
DOCKET #: 12-CV-00281
JUDGE: Hon.Virginia Emerson Hopkins
DATE FILED: 08/20/2012
CLASS PERIOD START: 04/20/2011
CLASS PERIOD END: 09/21/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kessler Topaz Meltzer & Check LLP (Pennsylvania)
    280 King of Prussia Road, Kessler Topaz Meltzer & Check LLP (Pennsylvania), PA 19087
    610.667.7706 610.667.7706 · info@ktmc.com
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  3. Ward & Wilson
    2100 Southbridge Parkway, Suite 580, Ward & Wilson, AL 35209
    205.871.5404 205/871-5758 ·
No Document Title Filing Date