VALE CLASS ACTION REMINDER AND UPDATE: Hagens Berman Reminds Vale S.A. (NYSE: VALE) Investors of March 29, 2019 Lead Plaintiff Deadline, Expanded Class Period and Report Vale Knew Deadly Dam Had Heightened Risk of Collapse
SAN FRANCISCO, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Vale S.A. (NYSE: VALE) of the March 29, 2019 Lead Plaintiff deadline in the pending securities class action. If you purchased or otherwise acquired Vale securities between April 11, 2017 and January 28, 2019 (the “expanded class period”) and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
According to the complaint, during the expanded class period Defendants misled investors by falsely and/or misleadingly stating and/or omitting to disclose that: (1) Vale failed to adequately assess the risk and damage potential of a dam breach at its Feijo iron ore mine; (2) Vale’s programs to mitigate health and safety incidents were inadequate; and, (3) as a result, over a hundred people were killed and hundreds more were reported missing after Vale’s dam at its Feijo mine was breached.
News that the dam burst on January 25, 2019 drove the price of Vale shares down $3.66, or over 24%, between January 24, 2019 and January 28, 2019.
The Wall Street Journal recently reported that the company that certified the safety of the dam has worked as both a consultant and an independent safety evaluator for Vale, raising questions among experts over potential conflicts of interest.
Reuters recently reported an internal October 2018 Vale document classified the dam as being two times more likely to fail than the maximum level of risk tolerated under internal guidelines.
“We’re focused on investors’ losses and the extent to which Defendants misled them,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Vale should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email VALE@hbsslaw.com.
About Hagens Berman Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 78 attorneys in 9 offices across the country. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:Reed Kathrein, 510-725-3000