| COMPANY |
Vale S.A. |
| COURT |
United States District Court for the Eastern District of New York |
| CASE NUMBER |
19-cv-00526 |
| JUDGE |
The Hon. Raymond J. Dearie |
| CLASS PERIOD |
July 28, 2016 and February 6, 2019 |
| SECURITY TYPE |
All Securities |
Case Background:
On January 28, 2019, the initial complaint in this securities class action was filed against Vale S.A. (“Vale”), and certain of Vale’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action on behalf of investors who purchased or acquired Vale securities between October 27, 2016 and February 6, 2019, both dates inclusive (the “Class Period”).
The complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (1) Vale had failed to adequately assess the risk and damage potential of a dam breach at its Feijão iron ore mine; (2) Vale’s programs to mitigate health and safety incidents were inadequate; (3) consequently, several people were killed and hundreds more were reported missing after Vale’s dam at its Feijão mine was breached; and (4) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On October 25, 2019, Lead Plaintiff filed a consolidated complaint (the “Complaint”). Defendants filed a Motion to Dismiss the Complaint on February 21, 2020. On May 20, the Court issued an Order denying Defendants' Motion to Dismiss. On March 31, 2022, the Court granted Lead Plaintiff’s Motion for Class Certification and certified a class of all investors who purchased or acquired Vale securities between October 27, 2016 and February 6, 2019. This action is in the discovery phase and is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible..