LOS ANGELES--(BUSINESS WIRE)-- The Law Offices of Todd M. Garber announces that it is investigating potential claims against Patriot Coal Corporation (“Patriot Coal” or the “Company”) (OTC Markets:PCXCQ) concerning possible violations of federal securities laws. The investigation is related to certain statements issued by the Company between October 21, 2010 and July 6, 2012 concerning Patriot Coal’s financial performance and prospects.
Patriot Coal engages in the mining, production and sale of thermal coal, primarily to electricity generators in the eastern United States. The investigation concerns allegations that during the foregoing period certain of the Company’s officers overstated Patriot Coal’s financial results and violated Generally Accepted Accounting Principles and Securities and Exchange Commission rules by failing to properly account for costs associated with Court-ordered remediation obligations related to the Company’s selenium water treatment requirements.
On July 9, 2012 Patriot Coal announced that the Company and substantially all of its wholly owned subsidiaries have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Following this news, the price of Patriot Coal shares plummeted 72% from the previous trading day’s closing price, to a closing price of $0.61 per share on July 9, 2012.
If you purchased Patriot Coal common stock between October 21, 2010 and July 6, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to info@toddgarberlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Law Offices of Todd M. Garber
Todd M. Garber, Attorney at Law
Los Angeles, California
213-700-7262
info@toddgarberlaw.com
Source: Law Offices of Todd M. Garber