Cliffs Natural Resources Inc (NYSE: CLF) Investor Securities Class Action Lawsuit 05/12/2014

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Company Name(s): 
Cliffs Natural Resources
Case Name: 
Cliffs Natural Resources Shareholder Class Action Lawsuit 05/12/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: CLF
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/12/2014
Class Period Begin: 
03/14/2012
Class Period End: 
03/26/2013
Court of Filing: 
U.S. District Court for the Northern District of Ohio
Deadline To File for Lead: 
07/11/2014
Date Settled: 
03/11/2016
Settlement Amount: 
$84,000,000
Deadline to Participate in Settlement: 
08/08/2016
Settlement Notice: 
Settlement Proof: 
Summary: 

June 30, 2016 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

March 11, 2016 - The court preliminarily approved the settlement.

March 10, 2016 - Parties filed a stipulation of settlement.

November 6, 2015 - The court denied defendants motion to dismiss.

May 15, 2015 - Defendants filed a motion to dismiss.

March 31, 2015 - The lead plaintiff filed a second amended consolidated complaint.

March 5, 2015 - The court denied as moot the defendants' motion to dismiss and granted plaintiff leave to file an amended complaint.

October 21, 2014 - The defendants filed a motion to dismiss.

August 22, 2014 - The lead plaintiff filed an amended complaint.

July 23, 2014 - The lead plaintiff and lead counsel were appointed.

July 11, 2014 - A lead plaintiff motion was filed.

May 12, 2014 - An investor in shares of Cliffs Natural Resources Inc (NYSE: CLF) filed a lawsuit in the U.S. District Court for the Northern District of Ohio against Cliffs Natural Resurces Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 14, 2012 and March 26, 2013.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Cliffs Natural Resources Inc (NYSE: CLF) between March 14, 2012 and March 26, 2013, that the defendants violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that between March 14, 2012 and March 26, 2013 Cliffs Natural Resources Inc allegedly misrepresented to investors that one of its most important assets, an iron ore mine known as Bloom Lake, was a premium asset and that production at the mine could be increased even as production costs decreased.

The plaintiff also alleges that defendants repeatedly misled investors regarding the testing and sustainability of Cliffs Natural Resources Inc's dividend, which Cliffs Natural Resources Inc dramatically increased by 123% on the March 14, 2102 and that once investors learned the complete truth regarding the massive problems at iron ore mine Bloom Lake, and that Cliffs Natural Resources Inc's dividend was neither adequately tested nor sustainable, the price of Cliffs Natural Resources Inc's stock dropped significantly.

Shares of Cliffs Natural Resources Inc (NYSE: CLF) declined from $37.66 per share in early February 203 to $15.68 per share in early July 2013.