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Cliffs Natural Resources Inc. Message Board

  • imaginejml@sbcglobal.net imaginejml May 22, 2014 7:54 PM Flag

    Wow! At least 5 law suites recently announced and I have not seen any release by CLF about them. Usually companies do not comment about the

    pending litigation, but they always seem to say they will defend themselves against the suite that has no merits or basis, etc., etc.

    Not even a peep so far.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • On advice of counsel no doubt. And it's good advice. Nothing that can be said would be of any use and it's better to take the high road and say nothing.

    • That is because there are no suits filed, just solicitations for lead attorney for filing a formal class action suit that will be determined if it has merit before it is allowed to go to court. There is a July 11 cut off date for any attorney group to present the number of shares that have signed on with them, the one with the most shares will be allowed to move forward.

      This tactic is used by shorts to pull the share price down and usually the last one used in their short attack. Also it can be used by a party that is trying to gain control of the company in a proxy fight.

      The best thing is to treat them like some of the bashers on this message board and just ignore them. Of course the bashers will keep bringing up this topic in an attempt to get the most milage out of these PR releases. And please note, everyone one of these notices is referenced as a PR release!

 
CLF
17.45+0.22(+1.28%)Jul 31 4:01 PMEDT

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