Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Peabody Energy Corp. who purchased shares between April 3, 2017 and October 28, 2019.
Peabody and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On September 28, 2018, a fire erupted at the Company’s North Goonyella mine, resulting in operations being suspended indefinitely. Following a series of negative disclosures relating to delays in resuming operations at the mine, on October 29, 2019, the Company disclosed that regulators were placing strict restrictions on restarting operations resulting in drastic adjustments to its reentry plan, ultimately announcing a minimum three year delay.
On this news, the price of Peabody’s shares plummeted.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until November 27, 2020 to request that the court appoint them lead plaintiff.