||United States District Court for the Eastern District of New York
||The Hon. Raymond J. Dearie
||between July 28, 2016 and February 6, 2019
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.
The complaint alleged that the 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, the defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
This is a class action on behalf of those who purchased or otherwise acquired Vale securities between July 28, 2016 and February 6, 2019, inclusive.
Current Status of Case:
On October 25, 2019, the lead plaintiff filed a consolidated complaint. The defendants filed a motion to dismiss the consolidated complaint on February 21, 2020. On May 20, 2020, the Court issued an Order denying the defendants' motion to dismiss, thereby allowing certain claims to proceed. The parties are currently in the discovery phase of the litigation. This action is still 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: James Maro, Esq. (484-270-1453) or Adrienne Bell, Esq. (484-270-1435); toll-free at (844) 887-9500; or via e-mail at firstname.lastname@example.org. 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.