STEVENSON, Md., March 20, 2019 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced on behalf of purchasers of Vale S.A. (VALE) (“Vale” or the “Company”) securities during the period between April 13, 2018 and January 28, 2019, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until March 29, 2019 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Vale securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Vale had failed to adequately assess the risk and damage potential of a dam breach at its Feijão iron ore mine, its programs to mitigate health and safety incidents were inadequate, and several people were killed and hundreds more were reported as missing after Vale’s dam at its Feijão iron ore mine was breached.
According to the complaint, following a January 25, 2019 report that Vale’s tailings dam had burst at its Feijão iron ore mine and several people were killed, January 26, 2019 reports that hundreds of people were still missing, Brazil’s National Mining Agency ordered Vale to suspend operations, and Vale was fined $66.32 million for various violations, and January 28, 2019 report that Brazil’s top prosecutor will pursue criminal charges and securities regulators were investigating, the value of Vale shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Vale securities purchased on or after April 13, 2018 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153