Levi & Korsinsky, LLP announces that a VALE class action lawsuit has been filed on behalf of investors who purchased Vale S.A. (VALE) securities between April 11, 2017 and January 28, 2019. For more on the VALE Lawsuit please contact us today.
According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Vale had failed to adequately assess the risk and damage potential of a dam breach at its Feijão iron ore mine especially in light of its experience in 2015; (ii) Vale’s programs to mitigate health and safety incidents were inadequate; (iii) Defendants filed to disclose that Vale’s auditor was not independent, as required under Brazilian mining law; (iv) Defendants failed to disclose that an internal report commissioned by Vale in 2018 to assess the stability of the tailings dam raised concerns over its drainage and monitoring systems; (v) Defendants failed to disclose the existence of information that the dam was at risk of "liquefaction,” the same issue that led to the 2015 collapse of the Samarco dam; and (vi) as a result, Vale’s public statements were materially false and misleading at all relevant times.
If you suffered a loss in you have until March 29, 2019 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.