New York finds Peabody climate statements misleading

AP News
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Posted: Nov 09, 2015 10:07 AM

ALBANY, N.Y. (AP) — New York's attorney general says Peabody Energy violated state laws with misleading statements to investors and the public about the financial risks from climate change and potential regulatory responses.

Attorney General Eric Schneiderman (SHNEYE'-dur-muhn) says St. Louis-based Peabody, the largest publicly traded coal company, has agreed to file revised shareholder disclosures with the Securities and Exchange Commission that objectively represent the risks.

Investigators say the company repeatedly denied in public filings that 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 didn't immediately respond to a request for comment Monday.

Schneiderman's office began investigating Peabody two years ago. It subpoenaed similar documents from Exxon Mobil Corp. on Wednesday.