BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith reminds investors of the upcoming November 27, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Peabody Energy Corporation (“Peabody” or the “Company”) (NYSE: BTU) common stock between April 3, 2017 and October 28, 2019, inclusive (the “Class Period”).
Investors suffering losses on their Peabody investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On September 28, 2018, Peabody issued a press release announcing that it did “not expect any production from North Goonyella in the fourth quarter of 2018” due to a fire occurring within the mine.
On this news, Peabody’s stock price fell $5.54, or over 13%, to close at $35.64 per share on September 28, 2018, thereby injuring investors.
Then, on February 6, 2019, Peabody reported disappointing financial earnings for fourth quarter 2018 due to remediation costs and lack of production at the North Goonyella mine. The Company also announced that production would not “begin to ramp up in the early months of 2020.”
On this news, Peabody’s stock price fell $3.80, or 11%, to close at $32.05 per share on February 6, 2019, thereby injuring investors further.
Finally, on October 29, 2019, Peabody disclosed that restarting operations at the North Goonyella mine would not resume for three or more years due to local regulator QMI’s strict restrictions.
On this news, Peabody’s stock price fell $3.56, or 22%, to close at $12.48 per share on October 29, 2019, thereby injuring investors further.
The complaint alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Peabody had failed to implement adequate safety controls at the North Goonyella mine to prevent the risk of a spontaneous combustion event; (2) Peabody failed to follow its own safety procedures; (3) as a result, the North Goonyella mine was at a heightened risk of shutdown; (4) Peabody’s low-cost plan to restart operations at the North Goonyella mine posed unreasonable safety and environmental risks; (5) the Queensland Mines Inspectorate (“QMI”), the Australian body responsible for ensuring acceptable health and safety standards, would likely mandate a safer, cost-prohibitive approach; (6) as a result, there would be major delays in reopening the North Goonyella mine and restarting coal production; and (5) that, as a result, of the foregoing, Defendants’ statements about the Peabody’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased Peabody common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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