STEVENSON, Md., Oct. 1, 2012 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Missouri on behalf of purchasers of the common stock of Patriot Coal Corporation ("Patriot Coal" or the "Company") (OTC: PCXCQ) during the period between October 21, 2010 and July 6, 2012, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in Patriot Coal Corporation common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 21, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that costs of certain of its selenium water treatment requirements were improperly capitalized and the true extent of the impact those accounting errors would have on the Company's previous financial statements as well as that there existed a deficiency in internal control over financial reporting associated with its accounting treatment for the Apogee FBR and Hobet ABMet. According to the complaint, the water treatment facilities should have been classified as a material weakness for the years ended December 31 2011 and 2010. According to the complaint, after on May 8, 2012 this information was disclosed by the Company, after on May 15, 2012 the Company revised its outlook issued on May 8, 2012, after on May 22, 2012 the Company disclosed that defendant Whiting had written a letter hinting of doubts concerning the Company's prospects as a going concern, and, finally, after on July 9, 2012 the Company disclosed that the Company had filed for bankruptcy protection, the value of Patriot Coal shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 firstname.lastname@example.orgSource: Brower Piven, A Professional Corporation