Walter Energy, Inc. is a metallurgical coal producer for the worldwide steel industry. The Company also produced natural gas, steam coal and industrial coal, anthracite, metallurgical coke, and coal bed methane gas.

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 Energy 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 its 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.