Massey Energy (MEE) Slammed On Reports of FBI Investigation
Massey Energy Co. (NYSE: MEE) is facing a criminal investigation surrounding the explosion of the Upper Big Branch min three weeks ago, according to a report from NPR News citing sources familiar with the matter.
The sources said that the the FBI is looking into the possibility of bribery to officials within the Mine Safety and Health Administration, while the agents are also looking into Massey for potential criminal negligence.
Massey is the owner of the mine that was the site of the disaster that killed 29 miners in West Virginia.
The mining company has been cited on several occasions for violations of the safety standards set by the MSHA, and rumors have been swirling that mine inspectors and other officials have received payoffs. Te FBI declined to comment to NPR about the rumored investigations'
Massey said in a statement to NPR that it is unaware of the allegations and that the company is complying with any ongoing investigations. The MSHA also was not available to comment o NPR in regards to the allegations.
Shares of Massey are down 7.7 percent in midday market movement to $38.01 Friday.
The sources said that the the FBI is looking into the possibility of bribery to officials within the Mine Safety and Health Administration, while the agents are also looking into Massey for potential criminal negligence.
Massey is the owner of the mine that was the site of the disaster that killed 29 miners in West Virginia.
The mining company has been cited on several occasions for violations of the safety standards set by the MSHA, and rumors have been swirling that mine inspectors and other officials have received payoffs. Te FBI declined to comment to NPR about the rumored investigations'
Massey said in a statement to NPR that it is unaware of the allegations and that the company is complying with any ongoing investigations. The MSHA also was not available to comment o NPR in regards to the allegations.
Shares of Massey are down 7.7 percent in midday market movement to $38.01 Friday.
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