NEW YORK, Dec. 8, 2015 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC Notifies investors that a securities class action has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased shares of Vale S.A. ("Vale" or the "Company") (NYSE: VALE), during the period between March 21, 2015 and November 30, 2015 inclusive. (the "Class Period").
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business and operations. Specifically, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) the accident at Samarco of the bursting of the Fundao Dam resulted in the spillage of toxic waste; (ii) 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; (iii) Vale's programs and procedures to mitigate environmental, health and safety incidents were inadequate.
On November 27, 2015, Enviroment Minister Izabella Teixeira told reporters that, Brazil's federal and state governments plan to sue the owners of the Samarco iron ore miner for 20 billion reais ($5.24 billion) in damages caused by the burst of a tailings dam. The Brazilian government issued a statement indicating it would sue Vale, its Anglo-Australian partner BHP Billiton Limited and their joint venture Samarco Mineração SA in response to a catastrophic dam failure earlier this month.
Following this news, shares of Vale fell $0.20, or 5.6%, to close at $3.37 on November 30, 2015.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Vale, you have until February 5, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC