STEVENSON, Md., Dec. 14, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Vale S.A. (NYSE:VALE) (“Vale” or the “Company”) ADRs during the period between March 21, 2015 and November 30, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until February 5, 2016 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Vale ADRs purchased on or after March 21, 2015 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company ADRs during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the bursting of the Fundao Dam at Samarco Mineração SA (“Samarco”) resulted in the spillage of iron ore waste that Vale contracted to take from Vale’s Alegria mine and deposit into the Fundao Dam and that Vale’s programs and procedures to mitigate environmental, health, and safety incidents were inadequate.
According to the complaint, following the November 10, 2015 Wall Street Journal article indicating that there was evidence that Vale was dumping debris from its own nearby iron-ore mines into Samarco’s waste reservoirs, the November 24, 2015 Wall Street Journal article questioning whether Vale was properly licensed to dump waste from the Algeria iron-ore mine into the dam, the November 25, 2015 United Nations notice providing details of the environmental damage, and Vale’s November 27, 2015 admission that there was toxic waste, the value of Vale ADRs declined substantially.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com