Vale S.A. (NYSE: VALE) Investor Securities Class Action Lawsuit 01/28/2019

If you purchased shares of Vale S.A. (NYSE: VALE), you have certain options and for certain investors are short and strict deadlines running. Deadline: March 29, 2019. NYSE: VALE investors should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Vale SA
Case Name: 
Vale SA Shareholder Class Action Lawsuit 01/28/2019
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 

An investor in shares of Vale S.A. (NYSE: VALE) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Vale S.A. in connection with certain allegedly false and misleading statements made between April 13, 2018 and January 28, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Vale S.A. (NYSE: VALE) common shares between April 13, 2018 and January 28, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between April 13, 2018 and January 28, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Vale had failed to adequately assess the risk and damage potential of a dam breach at its Feijão iron ore mine, that Vale’s programs to mitigate health and safety incidents were inadequate, that consequently, several people were killed and hundreds more were reported missing after Vale’s dam at its Feijão mine was breached, and that 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.

Brazil based Vale S.A., together with its subsidiaries, produces and sells iron ore and iron ore pellets for use as raw materials in steelmaking in Brazil and internationally. Vale S.A. reported that its annual Total Revenue rose from over $94.63 billion in 2016 to over $108.53 billion in 2017 and that its Net Income increased from over $13.31 billion in 2016 to over $17,62 billion in 2017.

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.

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.

Shares of Vale S.A. (NYSE: VALE) declined from $14.71 per share on January 14, 2019 to as low as $11.08 per share on January 28, 2019.