New York state Attorney General Eric Schneiderman says coal giant Peabody Energy made false and misleading statements to investors about the financial risks it faces because of climate change.
As part of an agreement with Schneiderman's office, the company has agreed to revise the disclosures it makes to investors about the risks in its quarterly report released today, and has promised to include the disclosures in future filings.
Peabody did not admit wrongdoing and faces no financial penalties as a result of the agreement, The New York Times reported. The newspaper adds:
"The Peabody agreement will not include a monetary settlement. Its impact will surely pale in comparison with the other problems Peabody faces as demand for coal plummets, replaced by cleaner-burning natural gas.
"Shares of Peabody, which is based in St. Louis, have lost more than 90 percent of their value over the last year as the entire industry has been overwhelmed by crippling debts and more stringent regulations on coal burning by electric utilities."
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