Peabody Energy Corporation (BTU) Accused of Misleading Shareholders; Investor of Peabody Filed a Class Action Complaint Against the Company

Peabody Energy Corporation (NYSE:BTU)

HENDERSONVILLE, TN, UNITED STATES, October 3, 2020 /EINPresswire.com/ -- The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 19 years, announces that an investor of Peabody Energy Corporation (NYSE: BTU) filed a class action against the Company for alleged violations of the Securities Exchange Act of 1934 between April 3, 2017 and October 28, 2019. The case is captioned Oklahoma Firefighters Pension and Retirement System v. Peabody Energy Corp., No. 20-cv-08024 (S.D.N.Y.) Peabody is the largest coal mining company in the world. Located in Australia, its North Goonyella mine was once considered its most profitable single operation.

Peabody Energy Corporation (BTU) Accused of Misleading Shareholders

According to the complaint, on April 3, 2017, Peabody emerged from bankruptcy, reporting record production for the North Goonyella mine and claiming it had achieved record safety this past year, among other things. Throughout the relevant period, Peabody reported positive financial results and emphasized its "continued commitment to ensuring safe and productive environments" and its "constant vigilance toward safety." Beginning September 18, 2018, Peabody reported that work at the North Goonyella mine had been suspended due to elevated methane and carbon monoxide levels. Then, on September 28, 2018, Peabody reported a fire within the mine and that as a result, the Company did "not expect any production from North Goonyella in the fourth quarter of 2018."

In the aftermath of the fire, Peabody executives made positive statements regarding the reopening of the mine and the impact that would have on the Company's financial outlook. On August 9, 2019, the Queensland Mines Inspectorate ("QMI") reported that Peabody had deficient safety systems at North Goonyella and that the Company was not cooperating with its investigation. Then, on October 29, 2019, Peabody issued its Form 8-K reporting a third quarter 2019 loss of $0.88 per share, as compared with positive third quarter 2018 earnings of $0.63 per share, missing analysts' consensus expectations by more than 50 percent. Peabody also disclosed that QMI's restrictions on restarting operations at the North Goonyella mine would result in a three or more year delay before any meaningful coal could be produced. Peabody's stock has been on a downward trajectory and currently trades at just $2.20.

Peabody Shareholders Urged to Contact the Firm

If you purchased Peabody securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to tmiles@timmileslaw.com. If you inquire by email please include your mailing address, telephone number, and the number shares owned.

About Timothy L. Miles

Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely awarded the recognition of American’s Most Honored Lawyers 2020 – Top 1% by the American Registry. Mr. Miles was also recently selected by Martindale-Hubbell^® and ALM as a 2020 Top Ranked Lawyer and a 2020 Top Rated Litigator. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell^®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: Top Rated Litigator by Martindale-Hubbell^® and ALM (2019); 2019 Elite Lawyer of The South by Martindale-Hubbell^® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV^® Preeminent™ Rating by Martindale-Hubble^® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2018-2020); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble^® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits To Investors (Timothy L. Miles, Dec. 3, 2019).

Contact:
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Telephone: (855-846-6529)
Email: tmiles@timmileslaw.com Website: www.timmileslaw.com
SOURCE: The Law Offices of Timothy L. Miles

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Nationally Recognized Shareholder Rights Attorney Timothy L. Miles Has Achieved the Recognition of American’s Most Honored Lawyers 2020 - Top 1%

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