SAN FRANCISCO, Feb. 29, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm announces the filing of a securities fraud class action lawsuit against BHP Billiton Limited (NYSE:BHP) related to the massive dam burst disaster at the Fundão Dam on November 5, 2015, and alerts investors there is an April 25, 2016 lead plaintiff deadline.
If you suffered losses because of your purchases of BHP ADRs between September 25, 2014 and November 30, 2015, or have information that will help our investigation contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing BHP@hbsslaw.com or visiting https://www.hbsslaw.com/cases/BHP. The lawsuit was filed in the U.S. District Court for the Southern District of New York and investors have until April 25, 2016 to move the court to participate as a lead plaintiff.
On November 5, 2015 the Fundão Dam suffered a catastrophic rupture, releasing a large volume of toxic sludge into Brazil’s Santarém river valley. The Bento Rodrigues valley, below the dam, was almost entirely flooded by the cascade of mud that ensued after the disaster at the dam. The Fundao Dam was built to accommodate the waste that results from the extraction of iron ore from the mines in the region. The dam was operated by Samarco Mineração SA, a joint venture between Vale and BHP Billiton Ltd.
On November 27, 2015, Brazilian Environment Minister Izabella Teixeira told reporters that Brazil's federal and state governments plan to sue Vale BHP Billiton and Samarco in response to the Fundao Dam disaster. The complaint alleges that the price of BHP ADRs declined in concert with the disclosure of news and analyst reports regarding the cause of the dam failure, the Company's failure to adhere to safety standards that defendants repeatedly emphasized during the Class Period, and BHP's potential liability and financial exposure for the dam failure.
When the truth about the Company's operations was revealed throughout November 2015, the price of BHP ADRs declined significantly—from $33.43 on November 4, 2015 (the day before the incident) to $26.68 on November 30, 2015—a decline of more than 20%. The trading price of BHP Plc's ADRs declined similarly, falling from $32.84 on November 4, 2015 to $24.25 on November 30, 2015, a decline of more than 26%.
Whistleblowers: Persons with non-public information regarding BHP should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at (510) 725-3000 or email BHP@hbsslaw.com.
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Contact:
Reed Kathrein, 510-725-3000
