Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In Class Action Lawsuit Against Walter Energy Inc

Glancy Binkow & Goldberg LLP announced that all purchasers of the common stock of Walter Energy Inc between April 20, 2011 and September 21, 2011, inclusive (the Class Period), have until March 26, 2012 to file a motion with the Court to be appointed as Lead Plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the Northern District of Alabama. The Complaint alleges that defendants misrepresented or failed to disclose 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.