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Massey Energy securities class action settlement pending

Shareholders of an energy firm will have an opportunity to collect a securities class action settlement, after the court made a hearing date to discuss the process' details.

Law office Labaton Sucharow, LLP, announced that shareholders of Massey Energy Co., who purchased shares during the class period between Feb. 1, 2009, and July 27, 2010, will have a hearing set up to discuss a settlement on the class action lawsuit. This action was initially filed in the U.S. District Court for the Southern District of West Virginia.

The settlement proposal would be $265 million in cash, and would be paid out by a method determined by the court. The hearing will occur on June 4, 2014. During this process, the court will also seek to rule if the co-lead counsel should be paid a specified amount, as well as how much other attorneys' fees should be allocated. Additionally, the judge plans to see if the settlement is enough to dismiss the lawsuit against the company.

Any shareholders who purchased interests during the class period will have their rights affected by the decisions made at the hearing. It is important to have the notice of pendency of class action, proof of claim and release, proposed settlement and motion for attorneys' fees and expenses documents submitted through the proper channels.

For shareholders who have questions about the settlement, it is an option to discuss these matters with the law firm. Both Joel Bernstein and Ira Schochet are available to be reached by telephone or email, while there is also information on the law office's website. Additionally, representatives from law firm Robbins Geller Rudman and Dowd are also available to speak on these issues.

It is important that those who do not want to be a part of the settlement class file the proper paperwork with the court by May 14, 2014.

Lawsuit filed in 2010
Labaton Sucharow initially filed the litigation against Massey Energy in late May 2010. The action alleged that the company's business leaders violated the Securities Exchange Act of 1934.

The allegations stemmed from Massey Energy noting that it was one of the safest mining companies of its kind, though it had many safety and regulatory citations that were not disclosed. This came to a head when the company had an explosion at one of its West Virginia mines in 2010, killing 29 miners.

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