NEW YORK, March 19, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Vale S.A. (“Vale” or the “Company”) (VALE) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Vale securities between April 13, 2018 through January 28, 2019, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/vale.
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 Complaint alleges that Defendants made materially false and misleading statements and/or failed to disclose that: (1) Vale had failed to adequately assess the risk and damage potential of a dam breach at its Feijão iron ore mine; (2) Vale’s programs to mitigate health and safety incidents were inadequate; (3) consequently, several people were killed and hundreds more were reported as missing after Vale’s dam at its Feijão iron ore mine was breached; and (4) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On January 25, 2019, Reuters recounted how hundreds of people are missing after a tailings dam burst at Vale’s Feijao iron ore mine in Brazil. According to the report, the mine was in the process of being decommissioned. Following this news, Vale stock dropped $1.20 per share or over 8% on January 25, 2019. Then, on January 26, 2019, Reuters said that Brazil’s National Mining Agency had instructed the company to stop all operations at its Feijao mine and that prosecutors requested over $1.3 billion in Vale’s accounts to be frozen to pay for damages, with the expectation that more funds would be frozen in the future.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/vale or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Vale you have until March 29, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
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