NEW YORK, Dec. 8, 2015 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of shareholders (the "Class") who purchased Vale S.A. ("Vale" or the "Company") (NYSE: VALE) securities between March 21, 2015 and November 30, 2015 (the "Class Period").
According to the Complaint, during the Class Period, Vale and certain of its executive officers issued materially false and/or misleading statements regarding the Company's business and operations. The Complaint alleges that Defendants' Class Period statements were materially false and/or misleading when made because they omitted, among other things, that: (1) an accident at Samarco Mineração S.A. ("Samarco"), the bursting of the Fundao Dam, resulted in the spillage of toxic waste into the Rio Doce; (2) Vale had a contract with Samarco that allowed Vale to deposit iron ore waste from its treatment plants from Vale's Algeria mine into the Fundao Dam; and (3) Vale's programs and procedures to mitigate environmental, health and safety incidents were inadequate.
The truth began to emerge on when the Wall Street Journal published two articles on November 10, 2015 and November 24, 2015, stating that there was evidence that Vale was dumping debris from its iron-ore mines into Samarco's waste reservoirs and discussing the arrangement between Vale and Samarco for Vale to use Samarco's dam system. Then, on November 25, 2015, the United Nations issued a notice about Samarco and the Fundao Dam accident, causing Vale securities to drop $0.16 per share or over 4% to close at $3.73 per share that same day.
On November 27, 2015, Vale admitted for the first time that, due to the dam breach, there was toxic waste in the Rio Doce. On this news, the Company's securities fell $0.16 per share from its previous closing price on November 25, 2015, to close at $3.57 per share on November 27, 2015. Three days later, the Brazilian government filed a lawsuit against Vale, Samarco, and BHP Billiton plc of Australia for $5.2 billion. On this news, the Company's securities fell $0.20, or 5.6%, to close at $3.37 on November 30, 2015.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Vale securities during the Class Period. If you invested in Vale securities as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than February 5, 2016.
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 Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Vale shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or [email protected].
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs' firms in the country.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of New York.
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SOURCE Bernstein Liebhard LLP