Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Walter Energy, Inc.

Glancy Binkow & Goldberg LLP announced that a class action lawsuit has been filed in the United States District Court, Northern District of Alabama, on behalf of purchasers of the common stock of Walter Energy, Inc. between April 20, 2011 and September 21, 2011, inclusive (the Class Period), alleging violations of the Securities Exchange Act of 1934. Walter Energy produces and exports metallurgical coal for electric utility and industrial customers in the United States. The Complaint alleges that defendants misrepresented or failed to disclose material adverse facts about the Company’s business and financial prospects, including that: (1) the Company was experiencing so-called 'squeeze' events in Alabama and lower coal transportation rates in Canada that significantly reduced the Company’s coal production; (2) the Company’s commitment to ship more than 700,000 tons of coal in the second quarter, at first quarter sales prices, would result in a material adverse effect on Walter Energy’s second-quarter average sales prices and operating results; (3) the Company was experiencing a significant decline in its margins and profitability; and (4), based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company’s business and financial prospects during the Class Period.