An investigation for investors in Mesabi Trust (NYSE: MSB) shares over potential securities laws violations by Mesabi Trust was announced.
San Diego, CA -- (SBWIRE) -- 04/30/2020 -- An investigation was announced over potential securities laws violations by Mesabi Trust in connection with certain financial statements.
Investors who purchased shares of Mesabi Trust (NYSE: MSB), have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Mesabi Trust regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
New York based Mesabi Trust, a royalty trust, engages in the iron ore mining business in the United States. On April 13, 2020, Mesabi Trust issued a press release declaring a $0.56 per share quarterly dividend, representing a significant decrease from its prior dividend of $0.70 per share. Mesabi advised investors that the decrease was "primarily attributable to a lower volume of iron ore shipments, at lower prices, during the three month period ended December 31, 2019 compared to the same period of 2018, and to the Trust's receipt of total royalty payments of $9,410,394 on January 30, 2020 from Northshore Mining Company ('Northshore'), which was lower than the total royalty payments of $12,388,664 received by the Trust from Northshore in January 2019."
Those who purchased shares of Mesabi Trust (NYSE: MSB) have certain options and should contact the Shareholders Foundation.
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