Pension fund joins list of those suing Massey
CHARLESTON, W.Va. -- The West Virginia coal mine disaster that killed 29 men has prompted another lawsuit, this one over the stock price of mine owner Massey Energy.
A national law firm is pursuing the potential class-action lawsuit against the Richmond, Va.-based company and its board members.
The firm of Robbins, Geller, Rudman and Dowd represents the Macomb County Employees' Retirement System. It sold 4,000 shares of Massey stock for an $8,100 loss three days after the April 5 explosion at the Upper Big Branch mine.
The lawsuit alleges the disaster and its history of violations are evidence it lied to investors about the safety of its mines.
Massey has about 95 million shares outstanding. The case was filed Thursday in federal court in Beckley.