||United States District Court for the Eastern District of New York
||The Hon. Raymond J. Dearie
||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. This is a federal securities class action on behalf of investors who purchased or acquired Vale securities between April 13, 2018 and January 28, 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 February 15, 2021, Lead Plaintiff filed a Motion for Class Certification. On September 21, 2022, the Court issued an Order extending the deadline for the completion of all discovery to May 12, 2023. 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 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..