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BOSTON, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, informs investors that there has been a class action lawsuit filed against Vale S.A. (“Vale” or the “Company”) (NYSE: VALE) and certain of its officers alleging violations of the federal securities laws. Shareholders are encouraged to contact Block & Leviton LLP to learn more.
On January 25, 2019, Vale's tailings dam at its Feijão iron ore mine in 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 complaint alleges that throughout the Class Period, Vale and some of its senior officers made materially false and misleading statements regarding the Company's business and its assessment of the risk and potential damage 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 a 2015 dam collapse at a mine in Brazil which was joint-owned by Vale.
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.
If you purchased or otherwise acquired Vale securities between April 11, 2017, and January 28, 2019, and have questions about your legal rights, or possess information relevant to this investigation, you are encouraged to contact Block & Leviton LLP at (617) 398-5660, by email at email@example.com, or by visiting http://shareholder.law/vale.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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BLOCK & LEVITON LLP
(617) 398-5660 phone
155 Federal Street, Suite 400
Boston, MA 02110
SOURCE Block & Leviton LLP