NEW YORK, April 8, 2016 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against BHP Billiton Limited ("BHP Ltd.") and BHP Billiton plc ("BHP plc") (together, "BHP" or the "Company") (NYSE: BHP) and certain of its officers. The class action, filed in United States District Court, Northern District of New York, and docketed under 16-cv-01920, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired the American Depositary Receipts (the "A DRs") of BHP between September 25, 2014 and November 30, 2015, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased BHP securities during the Class Period, you have until April 25, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
BHP describes itself as a leading global resources company and is among the world's top producers of major commodities, including iron ore, metallurgical and energy coal, conventional and unconventional oil and gas, copper, aluminum, manganese, uranium, nickel and silver. The Company operates under a Dual Listed Company structure, with parent companies BHP Ltd. and BHP Plc operated as a single economic entity by a unified board and management team. The economic and voting interests in BHP resulting from holding one BHP Ltd. share are equivalent to that resulting from holding one BHP Plc share. Accordingly, holders of ADRs effectively have an interest in a single group that combines the assets, and is subject to the liabilities, of BHP Ltd. and BHP Plc. Throughout the Class Period, the ADRs of BHP Ltd. and BHP Plc were listed on the NYSE under the ticker symbols "BHP" and "BBL," respectively, with SEC filings jointly issued on their behalf. Each ADR represented two ordinary shares of BHP Ltd. or BHP Plc, as the case may be. For the fiscal year ended June 30, 2015, BHP Ltd. and BHP Plc had outstanding 3,211,691,105 and 2,112,071,796 fully paid ordinary shares, respectively.
The Complaint alleges that during the Class Period, defendants knew or recklessly disregarded the precarious condition of mining operations and facilities at the Samarco mine, a Brazilian mining operation jointly owned by BHP and Vale S.A., yet made materially false and misleading statements concerning the Company's commitment to safety and the implementation of safety and monitoring protocols at the mine sites.
On November 5, 2015, a dam burst at the Samarco mining site, flooding the nearby town and river with 60 million cubic meters of mud and mine waste. On that date and thereafter, the price of BHP ADRs declined in concert with the disclosure of news and analyst reports regarding the cause of the dam failure, the Company's failure to adhere to safety standards that defendants emphasized during the Class Period, and BHP's potential liability and financial exposure for the dam failure.
As a result of this news, the trading price of BHP Ltd.'s ADRs declined from $33.43 on November 4, 2015 (the day before the incident) to $26.68 on November 30, 2015 - a decline of more than 20%. The trading price of BHP Plc's ADRs declined similarly, falling from $32.84 on November 4, 2015 to $24.25 on November 30, 2015, a decline of more than 26%.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP