Walter Energy, Inc.
Robbins Umeda LLP Announces an Investigation of Walter Energy, Inc.
Robbins Umeda is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Walter Energy Inc. (NYSE: WLT). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
Robbins Umeda LLP’s investigation focuses on whether officials at Walter Energy breached their fiduciary duties to shareholders and maintained inadequate controls to the detriment of the company and investors. On September 13, 2011, Walter Energy issued a press release in which it announced revised operating plans and second half 2011 sales expectations. Specifically, the press release revealed that the company experienced “squeeze” events in Alabama and lower coal transportation rates in Canada that significantly reduced its coal production; that the company’s production had been less than indicated in Walter Energy’s previous forecast; and as a result, the company had experienced a decline in its margins and profitability. The revelations made in this press release have resulted in a decline in value of Walter Energy’s stock, and has subject Walter Energy to costly public and legal scrutiny that continues to harm the company and investors.
Robbins Umeda LLP highlights that Walter Energy shareholders have the option to file a derivative action to hold those officers and directors accountable for damaging the company. Remedies commonly sought in derivative actions include corporate governance reforms designed to prevent future misconduct, removal of officers or directors whose misconduct injured the corporation, and monetary payments in the form of damages and disgorgement of ill-gotten gains.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.