NEW YORK, May 14, 2010 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Southern District of Virginia on behalf of purchasers of Massey Energy Company ("Massey" or the "Company") (NYSE:MEE) stock during the period between October 28, 2009 and April 21, 2010, inclusive (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Massey common stock during the Class Period and wish to move the court for appointment of lead plaintiff, you must do so by June 28, 2010. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact David Titus at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to dtitus@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint charges that Massey and certain of its officers and directors violated federal securities laws by issuing misleading statements concerning the safety of its mines. Specifically, the Complaint alleges that safety at Massey's mines was repeatedly sacrificed so that aggressive production goals could be met, and that Massey had received numerous undisclosed citations arising from serious uncorrected safety and other regulatory violations. On April 5, 2010, an explosion at the Upper Big Branch mine allegedly revealed the falsity of Massey's repeated representations about the safety of its operations when twenty-nine miners lost their lives in the deadliest U.S. mine accident in nearly 40 years. After the tragedy, hundreds of incidents of uncorrected safety violations at Massey's operations came to light. On April 21, 2010, eight Massey mines were the target of surprise inspections by federal officials. Then, Massey announced its first quarter earnings and charges of up to $150 million to account for potential costs and liabilities associated with the Upper Big Branch tragedy.
The Brualdi Law Firm, P.C. is a New York, New York-based law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, with a particular emphasis on sophisticated class action litigation in the securities and antitrust areas, as well as corporate derivative suits. More information about the firm is available through its website, www.brualdilawfirm.com, and upon request from the firm.
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