NEW YORK, March 18, 2019 /PRNewswire/ -- Bernstein
Liebhard LLP, a nationally acclaimed investor rights law
firm, announces that a securities class action lawsuit has
been filed on behalf of those who purchased or acquired the
securities of Vale S.A. ("Vale" or the "Company") (NYSE: VALE)
between April 13, 2018 and
January 28, 2019, both dates
inclusive (the "Class Period"). The lawsuit seeks to recover Vale
shareholders' investment losses.
If you purchased Vale securities, and/or would like to discuss
your legal rights and options, please visit Vale Shareholder
Class Action Lawsuit or contact Daniel
Sadeh toll free at (877) 779-1414
or dsadeh@bernlieb.com.
According to the lawsuit, throughout the Class Period Defendants
made false and/or 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.
When the true details entered the market, the lawsuit claims that
investors suffered damages.
On January 25, 2019,
Reuters reported that Vale's tailings dam had burst at its
Feijão iron ore mine. A "torrent of sludge tore through the mine's
offices, including a cafeteria during lunchtime." Several people
were killed. Rescuers were searching for hundreds of others who
were missing.
On this news, shares of Vale fell $1.20 per share or over 8% from its previous
closing price to close at $13.66 per
share on January 25, 2019.
Then, on January 26, 2019, BBC
News reported that hundreds of people affected by the dam's
breach remained missing, in part because the dam's alarm system
failed at the time of the accident. A report by a Folha de S. Paulo
newspaper stated "the risk of collapse of the dam had been
mentioned in a 'tense meeting' that approved its license last
month[.]"
On January 28, 2019,
Reuters reported "Brazil's
top prosecutor said on Monday she will pursue criminal prosecutions
after the collapse of a tailings dam operated by mining giant Vale
SA killed at least 58 people and left hundreds missing, and that
executives may be punished."
On this news, shares of Vale fell sharply during intraday
trading on January 28, 2019.
If you wish to serve as lead plaintiff, you must move the Court
no later than March 29, 2019. A lead
plaintiff is a representative party acting on behalf of other class
members in directing the litigation. Your ability to share in any
recovery doesn't require that you serve as lead plaintiff. If
you choose to take no action, you may remain an absent class
member.
If you purchased Vale securities, and/or would like to discuss
your legal rights and options, please visit
https://www.bernlieb.com/cases/vale-sa-vale-lawsuit-class-action-fraud-stock-108/ or
contact Daniel Sadeh toll free at
(877) 779-1414 or dsadeh@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law
Journal's "Plaintiffs' Hot List" thirteen times and listed in
The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
dsadeh@bernlieb.com
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