GRABAR LAW OFFICE INVESTIGATES POTENTIAL SHAREHOLDER ACTION ON BEHALF OF CURRENT SHAREHOLDERS OF PEABODY ENERGY CORPORATION (NYSE: BTU)
On October 13, 2022, a federal court issued an order preliminarily approving a settlement of a securities class action filed against Peabody Energy Corporation. Current Peabody Energy shareholders who have held shares of Peabody’s stock since at least September 22, 2018, can seek corporate reforms, the return of funds back to company coffers and potentially a court approved incentive award if appropriate.
The underlying securities class action alleged violations of the federal securities laws via misrepresentations and omissions about the safety of Peabody's operations that caused Peabody shareholders to purchase their stock at artificially inflated prices and suffer damages therefrom.
If you have continuously held Peabody Energy shares since at least September 22, 2018 and would like to learn more about this matter at no cost to you, please fill out the form provided or contact us at email@example.com or call 267-507-6085.
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The Federal Court in the underlying action determined that the company and some of its executives failed to disclose the material fact that the company's North Goonyella Mine, in Queensland, Australia, "was actually or likely on fire as of Sept. 22, 2018, when black smoke could be seen billowing from the mine."
Unlike a class action, brought on behalf of damaged investors, a shareholder derivative action is an action brought by a shareholder of a public company on behalf of and for the benefit of the company itself against the directors and/or officers of that company. In a derivative action, shareholders “step into the shoes” of the directors and officers of a company and bring litigation that the board would be unwilling to pursue on its own.