SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the upcoming deadline to move for appointment as lead plaintiff in the class action litigation that has been filed on behalf of investors who purchased or otherwise acquired the securities of Vale S.A. (“Vale” or the “Company”) (NYSE: VALE) between April 11, 2017 and January 28, 2019, inclusive (the “Class Period”).
If you purchased or otherwise acquired Vale securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than March 29, 2019. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the actions.
Vale investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Vale, incorporated in Brazil and headquartered in Rio de Janeiro, Brazil, is one of the world’s largest mining companies, and the top global producer of iron ore and nickel in the world. In 2015, the Fundão tailings dam, joint-owned by Vale and BHP Billiton Brasil Ltda., burst, flooding downstream communities and resulting in 19 fatalities and the worst environmental disaster in Brazilian history.
On January 25, 2019, Vale’s tailings dam at its Feijão iron ore mine in Brumadinho, Brazil collapsed, flooding Brumadinho and killing hundreds, with many still missing. Brazilian authorities have frozen $1.3 billion worth of Vale assets to pay for the damages.
The action alleges that, throughout the Class Period, Vale and certain of its senior executives made materially false and misleading statements regarding the Company’s business and its assessment of the risk and potential damage potential of a dam breach at its Feijão iron ore mine, as well as the adequacy of Vale’s programs to mitigate health and safety incidents. The scope of Vale’s misstatements are magnified by public commitments to keep its workplace safe and to minimize environmental damage following the 2015 Fundão dam collapse. On news of the dam collapse, the price of Vale’s American Depositary Receipts (“ADRs”) fell by $2.46 per share, or 18%, over the next 3 trading days to close at $11.20 on January 28, 2019, eliminating more than $2.5 billion in shareholder value.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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