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New York finds Peabody climate statements misleading
By: The Associated Press//November 9, 2015//
Listen to this articleALBANY — New York’s attorney general says Peabody Energy violated state laws with misleading statements to investors about financial risks from climate change and potential regulatory responses.
Attorney General Eric Schneiderman says St. Louis-based Peabody, the largest publicly traded coal company, has agreed to file revised shareholder disclosures that objectively represent the risks.
Investigators say the company denied in public filings it had the ability to predict the impact of regulation, despite internal projections it could reduce the dollar value of coal sales in its primary U.S. markets by 33 percent or more.
Peabody says it admits no wrongdoing and has always tried to make appropriate disclosures, and that the settlement contains no financial penalty.
Schneiderman’s office began investigating Peabody two years ago. It subpoenaed similar documents from Exxon Mobil Corp. on Wednesday.
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