Labaton Keller Sucharow is lead counsel in a securities class action against Peabody Energy Corp. (Peabody or the Company), and certain of its senior executives (collectively, Defendants). The action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and SEC Rule 10b-5 promulgated thereunder, on behalf of all persons or entities who purchased or otherwise acquired Peabody publicly traded common stock from April 3, 2017, through October 28, 2019, inclusive (the Class Period).
On March 19, 2021, Lead Plaintiff filed the Consolidated Amended Class Action Complaint (Complaint) alleging that Defendants made materially false and misleading statements and omissions with respect to: (i) Peabody’s commitment to safety; (ii) the circumstances and timing of a September 2018 fire at the Company’s North Goonyella mine in Queensland, Australia; and (iii) the timing of resumption of coal production at the North Goonyella mine following the September 2018 fire. The Complaint further alleged that the price of Peabody common stock was artificially inflated and artificially maintained as a result of Defendants’ allegedly false and misleading statements and omissions and declined when the truth was revealed through a series of partial corrective disclosures.
Defendants moved to dismiss the Complaint on June 7, 2021. On July 22, 2021, Lead Plaintiff filed its memorandum of law in opposition to the motion to dismiss and, on August 23, 2021, Defendants filed their reply. On March 7, 2022, the Court entered its Opinion and Order granting in part and denying in part Defendants’ motion to dismiss the Complaint. As a result of the Opinion and Order, the case proceeded to discovery on two alleged misstatements, both made on September 25, 2018, related to the circumstances and timing of the September 2018 fire at the Company’s North Goonyella mine in Queensland, Australia. Discovery commenced in April 2022 and the Parties began the exchange of document production in July 2022.
Lead Plaintiff moved to certify the class on July 15, 2022, and in July 2022, the Parties engaged in discovery related to the motion for class certification.
The Parties participated in a mediation session on July 29, 2022, and reached an agreement to settle at the conclusion of the mediation. The Parties executed a term sheet on August 2, 2022. The Parties executed the Stipulation and Agreement of Settlement on October 7, 2022.
The case is In re Peabody Energy Corp. Securities Litigation, No. 1:20-cv-08024-PKC (S.D.N.Y.). Labaton Keller Sucharow represents Lead Plaintiff Oregon Public Employees’ Retirement Fund. The Defendants are Peabody, and Glenn L. Kellow and Amy B. Schwetz.
Submit Claim Form
If you purchased or otherwise acquired the publicly traded common stock of Peabody during the period from April 3, 2017, through October 28, 2019, inclusive (the Class Period) and were damaged thereby, you may be entitled to a payment from a class action settlement. To be eligible for a payment, you must submit a Claim Form to the Claims Administrator by February 2, 2023.
Settlement Hearing
A Settlement Hearing was held on February 7, 2023, at 2:30 p.m. EDT, in Courtroom 11D of the United States District Court for the Southern District of New York, Daniel Patrick Moynihan U.S. Courthouse, 500 Pearl Street, New York, NY 10007. The Court approved the Settlement and the Plan of Allocation and awarded attorney’s fees and expenses.
If you have questions about the Settlement, please contact Labaton Keller Sucharow at settlementquestions@labaton.com or 1-888-219-6877, or contact the Claims Administrator, at 1-866-274-4004.
Additional information about the Settlement can also be found at www.strategicclaims.net/Peabody/.
