Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Vale S.A. To Contact The Firm Before Imminent Lead Plaintiff Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Vale S.A. (“Vale” or the “Company”) (NYSE:VALE) of the February 5, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Vale securities between November 7, 2013 and November 30, 2015 (the “Class Period”). The case, Hom et al v. Vale, S.A. et al, No. 1:15-cv-09539 was filed on December 7, 2015, and has been assigned to Judge Gregory H. Woods.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that (i) the accident at Samarco in which the Fundao Dam burst resulted in the spillage of toxic waste; (ii) Vale had a contract with Samarco that allowed Vale to deposit iron ore waste from its treatment plants into the Fundao Dam; (iii) Vale’s programs and procedures to mitigate environmental, health, and safety incidents were inadequate.
Specifically, on November 27, 2015, at a news conference, Vale admitted for the first time that there was toxic waste in Rio Doce after the United Nations issued a notice on November 25 about the toxic waste from the Fundao Dam accident.
That same day, Environment Minister Izabella Teixeira told reporters that Brazil’s federal and state governments were planning to sue the owners of the Samarco iron ore mine for 20 billion reais ($5.24 billion) in damages caused by the burst of a tailings dam. The Brazilian government issued a statement indicating it would sue Vale, its Anglo-Australian partner BHP Billiton Limited and their joint venture Samarco Mineração SA in response to a catastrophic dam failure earlier that month.
On this news, share price fell $0.52 per share from $3.89 per share on November 24, 2015, to close at $3.37 per share, a 13.4% drop, on November 30, 2015.
If you invested in Vale securities between November 7, 2013 and November 30, 2015 and would like to discuss your legal rights, please contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Vale’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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