Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Patriot Coal Corporation
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Missouri on behalf of a class (the “Class”) consisting of all purchasers of the securities of Patriot Coal Corporation (“Patriot Coal” or the “Company”) (OTC Markets:PCXCQ) between October 21, 2010 and July 6, 2012, inclusive (the “Class Period”).
Patriot Coal Corporation engages in the mining, production and sale of thermal coal, primarily to electricity generators in the eastern United States. The Complaint alleges that the defendants failed to properly account for the costs associated with court-ordered remediation obligations related to certain of the Company's selenium water treatment requirements -- capitalizing these costs instead of recording them as expenses, thereby overstating the Company's financial results. In addition, during the Class Period defendants knew but concealed from investors the following material adverse information: (i) the Company's internal controls over financial reporting were materially inadequate; (ii) defendants improperly accounted for selenium treatment facility liabilities at the Company's mines; (iii) the Company's reported financial results were overstated and were not presented in conformity with GAAP; (iv) the Company's business health was weakening; and (v) as a result of the foregoing, the Company would not survive as a going concern.
To be a member of the Class, you need not take any action at this time or you may retain counsel of your choice. If you purchased Patriot Coal securities between October 21, 2010 and July 6, 2012, you may move the Court no later than November 21, 2012 to serve as lead plaintiff; however, you must meet certain legal requirements. 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.