NEW YORK, Feb. 08, 2019 (GLOBE NEWSWIRE) -- Hach Rose Schirripa & Cheverie LLP has filed a class action complaint in the United States District Court for the Eastern District of New York on behalf of all persons and or entities who purchased Vale S.A. [NYSE: VALE] common stock between April 13, 2018 and January 28, 2019, inclusive (the “Class Period”), seeking remedies under the Securities Exchange Act of 1934 (the “Class”). The action is styled Epstein v. Vale S.A., et al., Civil Action No. 19-cv-00793 (E.D.N.Y.). Investors who suffered a financial loss are encouraged to speak directly with the attorneys litigating this action by contacting Frank R. Schirripa, Esq. or Gregory Nespole, Esq. at (212) 213-8311, toll free (866) LAWS-USA, or via email at FSchirripa@hrsclaw.com or GNespole@hrsclaw.com. You may move the Court, no later than March 29, 2019, to appoint you as lead plaintiff, a representative party that acts on behalf of other class members.
The Complaint alleges that during the Class Period defendants issued to the investing public false and misleading statements concerning the Company’s safety protocols and compliance with applicable mining regulations. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) 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 tragic experience in 2015 in connection with the another mine catastrophe; (2) Vale’s programs to mitigate health, safety and environmental incidents were inadequate; (3) defendants’ mine safety auditor was not independent as required under Brazilian mining law; (4) defendants were in possession of an internal report commissioned by Vale itself to study the stability of the tailings dam and the report raised concerns over the mine’s drainage and monitoring systems; and (5) 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.
On January 25, 2019, catastrophe struck when Vale’s tailings dam at the Feijao mine in the rural state of Minas Gerais failed, killing scores of people. On this terrible news, Vale (the world’s biggest producer of iron ore) suspended dividends and its shares plunged the most on record, wiping out about $18 billion in market value. Specifically, the tragic events drove the price of Vale shares down $3.66, or over 24%, between January 24, 2019 and January 28, 2019.
If you purchased Vale common stock during the Class Period, you may, no later than March 29, 2019 request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.
Hach Rose Schirripa & Cheverie LLP specializes in the fields of securities, corporate governance and consumer protection litigation. With over 50 years of combined experience, the firm has established itself as leading representatives of investor and consumer rights these areas. The firm’s attorneys have successfully litigated complex class actions in both state and federal courts through the United States and are committed to protecting investors’ assets and victims of corporate wrongdoing.
Frank R. Schirripa, Esq.
Gregory M. Nespole, Esq.
Hach Rose Schirripa & Cheverie LLP
112 Madison Avenue
New York, New York 10016
Tel: (212) 213-8311
Fax: (212) 779-0028
Toll Free: (866) LAWS-USA
E-Mail: fschirripa@hrsclaw.com
Website: www.hrsclaw.com
SOURCE: Hach Rose Schirripa & Cheverie, LLP
