NEW YORK, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Vale S.A. ("Vale" or the "Company")(NYSE: VALE ) of the March 29, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Vale stock or options between April 13, 2018 and January 28, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/VALE. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Vale securities between April 13, 2018 and January 28, 2019 (the "Class Period"). The case, Rauch v. Vale S.A. et al. , No. 19-cv-00526 was filed on January 28, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing 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; (2) Vale’s programs to mitigate health and safety incidents were inadequate; (3) consequently, several people were killed and hundreds more were reported as missing after Vale’s dam at its Feijão iron ore mine was breached; and (4) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On January 25, 2019, Reuters reported that Vale’s tailings dam had burst at its Feijão iron ore mine. A "torrent of sludge tore through the mine’s offices, including a cafeteria during lunchtime." Reuters also reported that several people were killed and that rescuers were searching for hundreds of others who were missing.
On this news, Vale's share price fell from $14.86 per share on January 24, 2019 to a closing price of $13.66 on January 25, 2019: a $1.20 or a 8.08% drop.
On January 28, 2019, Reuters reported "Brazil’s top prosecutor said on Monday she will pursue criminal prosecutions after the collapse of a tailings dam operated by mining giant Vale SA killed at least 58 people and left hundreds missing, and that executives may be punished."
On this news, Vale's share price fell from $13.66 per share on January 25, 2019 to a closing price of $11.20 on January 28, 2019: a $2.46 or a 18.01% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Vale's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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