San Diego, CA -- (SBWIRE) -- 05/20/2014 -- An investor, who purchased shares of Cliffs Natural Resources Inc (NYSE:CLF), filed a lawsuit in the U.S. District Court for the Northern District of Ohio over alleged violations of Federal Securities Laws by Cliffs Natural Resources in connection with certain allegedly false and misleading statements made between March 14, 2012 and March 26, 2013.
Investors who purchased shares of Cliffs Natural Resources Inc (NYSE:CLF) have certain options and for certain investors are short and strict deadlines running. Deadline: July 11, 2014. NYSE:CLF investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Cliffs Natural Resources Inc (NYSE:CLF) between March 14, 2012 and March 26, 2013, that the defendants 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.
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