SAN FRANCISCO, Jan. 30, 2019 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Vale S.A. (NYSE: VALE) to the securities class action pending in the United States District Court for the Eastern District of New York. If you purchased or otherwise acquired Vale securities between April 13, 2018 and January 28, 2019 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/VALE
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
On April 13, 2018, Defendants filed Vale’s 2017 annual report with the SEC. Among other matters, they discussed their commitment to keeping the Company’s workplace safe, minimizing environmental damage, and mechanisms in place to accomplish both.
However on January 25, 2019, the press began reporting on a Vale tailings dam failure that killed numerous people. Dozens more are reported missing. Just a month before, the risk of collapse was reportedly discussed during a “tense” licensing meeting.
By January 28, 2019, the WSJ reported that Brazil’s top prosecutor said she will pursue criminal charges related to the incident against certain Vale executives.
These news reports drove the price of Vale shares down $3.66, or over 24%, between January 24, 2019 and January 28, 2019.
“We’re focused on investors’ losses and the extent to which Defendants misled them,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Vale should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new 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 VALE@hbsslaw.com.
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Contact:
Reed Kathrein, 510-725-3000