Levi & Korsinsky, LLP announces the commencement of a class action lawsuit in the USDC for the Southern District of New York on behalf of shareholders of Vale S.A. (NYSE: VALE) who purchased shares between November 7, 2013 and November 30, 2015.
The complaint alleges that Vale issued false and misleading statements and/or failed to disclose that: (1) the accident at Samarco of the bursting of the Fundao Dam resulted in the spillage of toxic waste; (2) Vale had a contract with Samarco that allowed Vale to deposit iron ore waste from its treatment plants from Vale’s Alegria mine into the Fundao Dam; (3) Vale’s programs and procedures to mitigate environmental, health, and safety incidents were inadequate; and (4) as a result, Defendants’ statements about Vale’s business and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. If you suffered a loss in Vale you have until February 5, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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