| COMPANY |
Peabody Energy Corporation |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
20-cv-08024 |
| JUDGE |
The Honorable P. Kevin Caste |
| CLASS PERIOD |
April 3, 2017- October 28, 2019 |
| SECURITY TYPE |
Common Stock |
Case Background:
On September 28, 2020, the initial complaint in this securities class action was filed against Peabody Energy Corporation (“Peabody” or the “Company”) and certain of Peabody’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action on behalf of all purchasers of Peabody common stock between April 3, 2017 through October 28, 2019, both dates inclusive (the “Class Period”).
The complaint alleges that from April 3, 2017 through October 28, 2018, Defendants failed to disclose, and would continue to omit, the following adverse facts pertaining to the safety practices at the Company's North Goonyella mine, which were known to or recklessly disregarded by Defendants: (1) the Company had failed to implement adequate safety controls at the North Goonyella mine to prevent the risk of a spontaneous combustion event; (2) the Company failed to follow its own safety procedures; and (3) as a result, the North Goonyella mine was at a heightened risk of shutdown.
The complaint further alleges that, throughout the remainder of the Class Period, Defendants failed to disclose, and would continue to omit, the following adverse facts pertaining to the feasibility of Peabody's plan to restart the North Goonyella mine: (1) the Company's low-cost plan to restart operations at the mine posed unreasonable safety and environmental risks; (2) the Australian body responsible for ensuring acceptable health and safety standards, the Queensland Mines Inspectorate, would likely mandate a safer, cost-prohibitive approach; and (3) as a result, there would be major delays in reopening the North Goonyella mine and restarting coal production.
Current Status of Case:
On March 19, 2021, Lead Plaintiffs filed an amended complaint (the “Amended Complaint”). On June 25, 2021, Defendants filed a Motion to Dismiss the Amended Complaint. On March 7, 2022, the Court issued an Order granting in part and denying in part Defendants’ Motion to Dismiss. On February 7, 2023, the Court approved the Settlement of the action. This action has concluded.
The deadline to file a claim is February 2, 2023. You may find additional information regarding the terms of the settlement and claim filing process at www.strategicclaims.net/Peabody or by calling, the claims administrator, Strategic Claims Services, at 1-866-274-4004.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.