Massey Securities Settlement
Massey Securities Settlement
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The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency of Class Action and Proposed Settlement and Motion for Attorneys’ Fees and Expenses (the “Notice”), which you can access by clicking here. Since this website presents just summary information, you should review the Notice for additional details.

If you are a Settlement Class Member, your legal rights are affected whether you act or do not act.   
Please read the Notice carefully.

If you purchased or otherwise acquired shares of the common stock of massey energy company (“massey” or the “company”) during the perioD between february 1, 2008 and July 27, 2010, inclusive  (the “class period”), and were damaged thereby (the “Settlement class”), you may be entitled to a payment from a class action settlement.

 

IMPORTANT DATES AND DEADLINES

  

SUBMIT A CLAIM FORM

  

Postmarked no later than July 3, 2014 

 

  

EXCLUDE YOURSELF

  

Request received no later than May 14, 2014

  

OBJECT TO THE SETTLEMENT

  

Objection received by counsel for the parties and filed with the Court no later than May 14, 2014

  

SETTLEMENT HEARING

  

June 4, 2014 at 9:00 a.m.

United States District Court for the Southern District of West Virginia

  

DO NOTHING

  

Receive no payment

 


The Court’s Settlement Hearing

The Court will review the Settlement at a Settlement Hearing at 9:00 a.m. on June 4, 2014, at the United States District Court for the Southern District of West Virginia in the Robert C. Byrd U.S. Courthouse, 110 North Heber Street, 3rd Floor Courtroom, Beckley, WV 25801.  If the Court approves the Settlement, and after any objections and appeals are resolved, a claims administrator appointed by the Court will make the payments that the Settlement allows. 

What is this case about?

This Action was commenced in April of 2010 by the filing of two complaints alleging that Defendants violated the federal securities laws.  Both of those separate actions were consolidated into this Action by Order dated January 10, 2011.  By the same Order, the Court appointed Lead Plaintiff and named plaintiff Wagner and approved Lead Plaintiff’s selection of Co-Lead Counsel to represent the putative class.

Following a detailed investigation that included, among other things, the interviews of numerous former Massey employees, review of Massey’s public statements, and consultation with experts, Plaintiffs filed the operative Consolidated Amended Class Action Complaint for Violations of the Federal Securities Laws on March 11, 2011 (the “Complaint”).  The Complaint alleges, among other things, that Defendants violated of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making alleged misstatements and omissions during the Class Period regarding Massey’s health and safety practices, policies, and results.  The Complaint further alleges that Plaintiffs and other Settlement Class Members purchased or acquired Massey common stock during the Class Period at artificially inflated prices and were damaged thereby.

The Settlement Benefits

In exchange for the Settlement and the release of the Released Claims (defined in the Notice) against the Defendant Released Parties (defined in the Notice), Defendants and ANR have agreed to create a $265 million settlement fund, which will earn interest, to be divided, after deduction of Court-awarded attorneys’ fees and expenses, settlement administration costs, and any applicable taxes (the “Net Settlement Fund”), among all Settlement Class Members who send in valid and timely Proofs of Claim.

Your share of the Net Settlement Fund will depend on several things, including: (i) the total amount of Recognized Losses of other Settlement Class Members; (ii) how much Massey common stock you purchased or acquired; (iii) how much you paid for your shares; (iv) when you bought your shares; and (v) whether or when you sold your shares, and, if so, for how much.

The Rights of Settlement Class Members

If you are a Settlement Class Member, you have the following options:

Submit a Claim Form

If you are a Settlement Class Member, to be eligible to share in the distribution of the Settlement proceeds, you must timely submit a timely and valid Claim Form, which can be found here, postmarked or submitted no later than July 3, 2014.  If you are a Settlement Class Member and do not submit a timely and valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by any judgments or orders entered by the Court in connection with the Settlement.

Exclude yourself from the Class

If you are a Settlement Class Member, but wish to exclude yourself from the Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice, that is received no later than May 14, 2014.  If you are a Settlement Class Member and do not timely exclude yourself from the Settlement Class, you will be bound by any judgments or orders entered by the Court in connection with the Settlement.

Object to the Settlement

Any objections to the proposed Settlement, Plan of Allocation, or Co-Lead Counsel’s application for attorneys’ fees and payment of expenses must be mailed to the Court, Co-Lead Counsel for the Plaintiffs, and counsel for Defendants in accordance with the instructions set forth in the Notice and received no later than May 14, 2014.

Further Information:

For more details regarding this Settlement, please see the Stipulation and Agreement of Settlement, dated February 5, 2014, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Claims Administrator or Co-Lead Counsel for further information regarding this Settlement:

 

Claims Administrator:

Massey Securities Litigation
c/o A.B. Data, Ltd.
PO Box 170600
Milwaukee, WI  53217-0600
888-220-6258
info@masseysecuritiessettlement.com

 

 

Co-Lead Counsel Designee: 

Joel H. Bernstein
Ira A. Schochet
LABATON SUCHAROW LLP
140 Broadway
New York, NY  10005
888-219-6877
settlementquestions@labaton.com
www.labaton.com 


If you have questions, you may call the Massey Securities Litigation Help Line at 888-220-6258 or email info@masseysecuritiessettlement.com

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