San Diego, CA -- (SBWIRE) -- 05/28/2014 -- An investigation on behalf of current long-term investors in shares of Cliffs Natural Resources Inc (NYSE:CLF) concerning potential breaches of fiduciary duties by certain directors and officers of Cliffs Natural Resources was announced.
Investors who are current long term investors in Cliffs Natural Resources Inc (NYSE:CLF) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NYSE:CLF stocks follows a lawsuit filed recently against Cliffs Natural Resources Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:CLF stocks concerns whether certain Cliffs Natural Resources officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. the U.S. District Court for the Northern District of Ohio the plaintiff alleges Cliffs Natural Resources Inc violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the plaintiff claims that between March 14, 2012 and March 26, 2013 Cliffs Natural Resources Inc allegedly misrepresented to investors that one of its most important assets, an iron ore mine known as Bloom Lake, was a premium asset and that production at the mine could be increased even as production costs decreased.
The plaintiff also alleges that Defendants repeatedly misled investors regarding the testing and sustainability of the Company's dividend, which Cliffs Natural Resources Inc dramatically increased by 123% on the March 14, 2102 and that once investors learned the complete truth regarding the massive problems at iron ore mine Bloom Lake, and that the Company's dividend was neither adequately tested nor sustainable, the price of Cliffs' stock dropped significantly.
Shares of Cliffs Natural Resources Inc (NYSE:CLF) declined from $37.66 per share in early February 203 to $15.68 per share in early July 2013.
Those who purchased shares of Cliffs Natural Resources Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego