A lawsuit was filed on behalf of investors in Vale SA (ADR) (NYSE:VALE) shares over alleged securities laws violations and NYSE:VALE investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/11/2016 -- An shareholder in shares of Vale SA (ADR) (NYSE:VALE) filed a lawsuit over alleged violations of Securities Laws by Vale SA in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Vale SA (ADR) (NYSE:VALE) have certain options and for certain investors are short and strict deadlines running. Deadline: February 5, 2016. NYSE:VALE investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges on behalf of purchasers of Vale SA (ADR) (NYSE:VALE) common shares between March 21, 2015 and November 30, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 21, 2015 and November 30, 2015 Defendants issued false and misleading statements to investors and/or failed to disclose that the accident at Samarco of the bursting of the Fundao Dam resulted in the spillage of toxic waste, that Vale had a contract with Samarco that allowed Vale to deposit iron ore waste from its treatment plants from Vale's Alegria mine into the Fundao Dam, that Vale's programs and procedures to mitigate environmental, health and safety incidents were inadequate, and that as a result, Defendants' statements about Vale's business and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On November 27, 2015, the Brazilian government issued a statement indicating it would sue Vale SA, its Anglo-Australian partner BHP Billiton Limited and their joint venture Samarco Mineração SA in response to a catastrophic dam failure earlier this month. The dam failure displaced hundreds of Brazilians and contaminated the Rio Doce River with a toxic waste. Shares of Vale SA (ADR) (NYSE:VALE) declined from as high as $36.15 per share in early 2011 to as low as $3.20 per share on December 2, 2015.
On January 7, 2016, NYSE:VALE shares closed at $2.71 per share.
Those who purchased shares of Vale SA (ADR) (NYSE:VALE) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com