LOS ANGELES--()--The Law Offices of Todd M. Garber 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”) comprising all persons or entities who purchased 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. The Complaint further alleges that during the Class Period defendants knew but concealed from investors material adverse information, including that: (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 not presented in conformity with Generally Accepted Accounting Principles (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.
If you are a member of the above-described Class, you may move the Court no later than November 21, 2012 to serve as lead plaintiff; however, you must meet certain legal requirements. 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 have information or would like to learn more about these claims, or if you 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 email@example.com.
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