SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of Peabody Energy Corporation – BTU

By GlobeNewswire

NEW YORK, Oct. 26, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Peabody Energy Corporation (“Peabody” or the “Company”) (NYSE: BTU). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980. The investigation concerns whether Peabody and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.[Click here for information about joining the class action]On September 28, 2018, a fire occurred at Peabody’s North Goonyella coal mine in Central Queensland, Australia, forcing Peabody to suspend its operations indefinitely. On this news, Peabody’s stock price fell $5.54 per share, or 15.3%, to close at $35.64 per share on September 28, 2018.On February 6, 2019, Peabody disclosed that contrary to the Company’s previous statements, production at the North Goonyella would not resume in 2019, but was instead targeted to begin to ramp in the early months of 2020. On this news, Peabody’s stock price fell $3.80 per share, or 10.6%, to close at $32.05 per share on February 6, 2019.On May 1, 2019, Peabody reported that it had received a directive from the Queensland Mines Inspectorate (“QMI”) which could lead to further delays and necessitate a reevaluation of the Company’s reentry plan for the mine. On this news, Peabody’s stock price fell $1.61 per share, or 5.6%, to close at $27.16 per share on May 1, 2019.On July 31, 2019, Peabody reported additional delays to the reentry of North Goonyella, explaining that QMI’s requirements had resulted in a slower rate of progress than Peabody’s initial plan had contemplated. As a results, Peabody suspended its 2020 production guidance at the mine and informed investors that it was reevaluating its entire reentry plan. On this news, Peabody’s stock price fell $1.06 per share, or 4.8%, to close at $21.06 per share on July 31, 2019. On August 9, 2019, QMI released preliminary investigative findings indicating that Peabody had deficient safety systems in place at its North Goonyella mine and that the Company was not cooperating fully with QMI’s investigation. On this news, Peabody’s stock price fell $0.37 per share, or 2%, to close at $18.13 per share on August 9, 2019.Finally, on October 29, 2019, Peabody disclosed that QMI was placing stringent restrictions on restarting operations at the North Goonyella mine, forcing Peabody to drastically adjust its reentry plan, ultimately announcing that there would be a delay …read more

Via:: Sports Headlines

      

Get 20% off hat purchases for ONLY $5! Join our LIDS Club @ lids.com.
%d bloggers like this: