Class Action against Peabody Energy in New York Supreme Court. Misleading the US Stock Market.
2021-03-19 – 0038 PEABODY ENERGY – AMENDED COMPLAINT (3023799.1) (1)
The above link is to the Class Action filed on behalf of the Oregon Public Employees Retirement Fund.
It is a public document duly filed in the New York Supreme Court on the 21st of March 2021
The Oregon Public Employees Retirement Fund had approximately US $75,600,000,000 (US$ 75 Billion) in total pension assets under management as of March 2021.
It is approximately a 190 page filing.
I will over the next 24 hours break it down in smaller more easily digestible chunks
It says this about Glenn Kellow on of the specifically named Defendants in the opening section
25, Defendant Glenn L. Kellow (“Kellow”) was, at all relevant times, Peabody’s President and Chief Executive Officer (“CEO”), and a member of the Company’s Board of Directors. Peabody announced on March 18, 2018, that Kellow would be leaving the Company in August 2021.
Kellow signed Peabody’s annual reports and certifications pursuant to the Sarbanes-Oxley Act of 2002 (“SOX”) stating that the financial information contained in the Company’s financial reports was accurate and disclosed any material changes to Peabody’s internal controls over financial reporting. Throughout the Class Period, Kellow also participated in each of the Company’s quarterly earnings conference calls described herein. Kellow was a direct and substantial participant in the fraud.
Kellow’s total estimated compensation during the Class Period was as follows:
$20.6 million for fiscal 2017 (including: (a) $1,018,809 in base salary; (b) $15 million in Stock Award Value; and (c) $4.6 million in Other Compensation including Non- Equity Incentive Plan Compensation);11
$7.3 million for fiscal 2018 (including: (a) $1,080,647 in base salary; (b) $5.2 million in Stock Award Value; and (c) $1 million in Other Compensation including a bonus of $884,783; and
$7.6 million for fiscal 2019 (including: (a) $1.1 million in base salary; (b) $5.22 million in Stock Award Value; and (c) $1.3 million in Other Compensation including NonEquity Incentive Plan Compensation).
