WAYNE, Pa., Dec. 10, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP that a class action lawsuit has been filed in United States District Court for the Southern District of New York on behalf of all persons or entities that purchased American Depository Receipts of Vale S.A. ("Vale" or the "Company") (NYSE: VALE) between March 21, 2015 and November 30, 2015, inclusive (the "Class Period").
Vale shareholders may, no later than February 5, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Vale and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/vale.
Vale together with its subsidiaries, engages in the research, production, and sale of iron ore and pellets, nickel, fertilizer, copper, coal, manganese, ferroalloys, cobalt, platinum group metals, and precious metals in Brazil and internationally.
The Complaint alleges that throughout the Class Period, Defendants misled investors by failing to disclose material adverse facts about the Company's business and operations. Specifically, defendants failed to disclose that: (i) the accident at Samarco of the bursting of the Fundao Dam resulted in the spillage of toxic waste; (ii) Vale had a contract with Samarco that allowed Vale to deposit iron ore waste from its treatment plants from Vale's Alegria mine into the Fundao Dam; (iii) Vale's programs and procedures to mitigate environmental, health and safety incidents were inadequate.
On November 5, 2015 the Fundao Dam suffered a catastrophic rupture, releasing a large volume of toxic sludge into Brazil's Santarém river valley. The Bento Rodrigues valley, below the dam, was almost entirely flooded by the cascade of mud that ensued after the disaster at the dam. The Fundao Dam was built to accommodate the waste that results from the extraction of iron ore from the mines in the region. The dam was operated by Samarco Mineração SA, a joint venture between Vale and BHP Billiton Ltd.
On November 27, 2015, Brazilian Environment Minister Izabella Teixeira told reporters that Brazil's federal and state governments plan to sue Vale BHP Billiton and Samarco in response to the Fundao Dam disaster. Following this news, shares of Vale fell $0.20, or 5.6%, to close at $3.37 on November 30, 2015.
If you are a member of the class, you may, no later than February 5, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/vale. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP