Suit won't go anywhere. I got into a suit on an IPO that dropped by half after their 2Q release, whihc was somewhat opposite of the an intial guidance. Went no where. Why? Unless you can find a smoking gun or blood on the knife that there was fraud or some other intent there is no chance of even going to trial.
I don't think they are filing the law suit against Arch Coal. It is against the Brokerage firms that did not hedge the positons like a positon this large should have been hedged using put and call options.
"clients who sustained investment losses as a result of holding concentrated positions in a single security or sector, in a full-service brokerage account."
Anyhow that is how I read it please correct me if I am wrong, thanks in advance.