STEVENSON, Md., May 30, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Ohio on behalf of purchasers of Cliffs Natural Resources Inc. ("Cliffs" or the "Company") (NYSE: CLF ) common stock during the period between March 14, 2012 and March 26, 2013, inclusive (the "Class Period").
If you have suffered a loss from investment in Cliffs common stock purchased on or after March 14, 2012 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or financial obligation, click here: http://www.browerpiven.com/securitiesfraudcases.html .
You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Attorneys at Brower Piven together have more than a century of experience litigating securities and other class action cases.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 11, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that its iron ore mine known as Bloom Lake suffered from systemic problems that caused massive cost overruns and serious production issues and that the dividend increase at the beginning of the Class Period was not sustainable. Following the November 19, 2012 announcement suggesting that the Bloom Lake project was encountering serious problems, the February 12, 2013 announcement that the Company's dividend would be cut by over 75%, and the March 27, 2013 revelation that two investment banks had cut their price targets on Company shares due to a weak balance sheet, the potential need to sell core assets, structural changes in its business and increased costs, the value of Cliffs shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616
