A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Cliffs Natural Resources Inc (NYSE:CLF) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on August 8, 2016 and NYSE:CLF investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/29/2016 -- A deadline is coming up on August 8, 2016 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Cliffs Natural Resources Inc (NYSE:CLF) between March 14, 2012 and March 26, 2013.
Investors who purchased a significant amount of shares of Cliffs Natural Resources Inc (NYSE:CLF) between March 14, 2012 and March 26, 2013, have certain options and should contact the Shareholders Foundation by email at firstname.lastname@example.org or call 858-779-1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Cliffs Natural Resources Inc (NYSE:CLF) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/cliffs-natural-resources-inc-nyse-clf-investor-securities-class-action-lawsuit-05122014
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is August 8, 2016. The class action administrator for this case is A.B. Data Ltd.
The lawsuit was originally filed in the U.S. District Court for the Northern District of Ohio against Cliffs Natural Resurces Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 14, 2012 and March 26, 2013.
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 Cliffs Natural Resources Inc'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 Cliffs Natural Resources Inc's dividend was neither adequately tested nor sustainable, the price of Cliffs Natural Resources Inc's stock dropped significantly.
Those who purchased shares of Cliffs Natural Resources Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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