BTU.US
id: 410, Created by Stan Vick, Scout
Peabody Energy Corp
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- Company agreed to pay compensation to its investors, to avoid further litigation
- We help you to prepare documents and file for compensation
Claim deadline for this case already passed by, but we can still try and file for compensation for you
Claim payout
S.D. New York
Court03 Apr 2017
Class period Start28 Oct 2019
Class period End02 Feb 2023
Claim deadlineIn re Peabody Energy Corp. Securities Litigation.
Peabody Energy (BTU) agreed to pay $4.6 million to settle a securities class action lawsuit.
The Complaint alleged that the Company and its Leaders failed to disclose the following adverse facts pertaining to the safety practices at the Company’s North Goonyella mine, which were known to or recklessly disregarded:
- the Company had failed to implement adequate safety controls at the North Goonyella mine to prevent the risk of a spontaneous combustion event;
- the Company failed to follow its own safety procedures;
- as a result, the North Goonyella mine was at a heightened risk of shutdown.
On September 28, 2018, a fire erupted at the mine, forcing Peabody to suspend operations indefinitely. On this news, Peabody shares fell 13.4%.
The Complaint further alleged that following the fire the Company failed to disclose adverse facts pertaining to the feasibility of Peabody’s plan to restart the North Goonyella mine:
- the Company’s low-cost plan to restart operations at the mine posed unreasonable safety and environmental risks;
- the Australian body responsible for ensuring acceptable health and safety standards, the Queensland Mines Inspectorate (“QMI”), would likely mandate a safer, cost-prohibitive approach; and
- as a result, there would be major delays in reopening the North Goonyella mine and restarting coal production.
Peabody Energy (BTU) agreed to settle with investors to avoid further litigation.
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Lead plaintiff
Oregon Public Employees Retirement Fund
Attorney
Labaton Sucharow LLP
Judge
Hon. P. Kevin Castel
Administrator
Strategic Claims Services
Court hearing date
07 February 2023
+$4,625,000
Total Settlement Amount