NEW YORK, May 13, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Cliffs Natural Resources, Inc. ("Cliffs" or the "Company")(NYSE: CLF). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether Cliffs and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On March 27, 2013, Morgan Stanley and Credit Suisse cut their price targets on Cliffs' stock, citing a weak balance sheet, the potential need to sell core assets, structural changes in its business and increased costs.
On this news, shares of Cliffs fell $2.97 per share to $18.46, or more than 13.85%, in intraday trading on March 27, 2013.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, 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 70 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
SOURCE Pomerantz LLP