BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that shareholders of Patriot Coal Corporation (“Patriot Coal” or the “Company”) (OTC Markets:PCXCQ) have until November 21, 2012 to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Eastern District of Missouri on behalf of a class (the “Class”) comprising all purchasers of Patriot Coal securities between October 21, 2010 and July 6, 2012, inclusive (the “Class Period”).
Patriot Coal 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. In addition, during the Class Period defendants knew but concealed from investors the following material adverse information: (i) the Company’s internal controls over financial reporting were materially inadequate; (ii) the Company improperly accounted for selenium treatment facility liabilities at its mines; (iii) the Company’s reported financial results were overstated and were not presented in conformity with 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 Class described above, you have certain rights, and have until November 21, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, or may retain counsel of your choice. If you wish to discuss this action or learn more concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.