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NEW YORK, NY / ACCESSWIRE / March 12, 2019 / Pomerantz LLP announces that a class action lawsuit hasbeen filed against Vale S.A. (''Vale'' or the ''Company'') (VALE) and certain of its officers and directors. The class action, filed in United States District Court, Southern District of New York, and indexed under 19-cv-01610, is on behalf of a class consisting of all behalf of persons and/or entities who purchased or otherwise acquired Vale shares between April 11, 2017 and January 28, 2019, both dates inclusive (the ''Class Period''), seeking remedies under the Securities Exchange Act of 1934 (the ''Exchange Act''). Plaintiff's claims are asserted against the Company and certain of its executive officers.
If you are a shareholder who purchased Vale securities between April 11, 2017, and January 28, 2019, you have until March 29, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
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Vale together with its subsidiaries, produces and sells iron ore and iron ore pellets for use as raw materials in steelmaking in Brazil and internationally. It operates through Ferrous Minerals, Coal, and Base Metals segments. The Company was formerly known as Companhia Vale do Rio Doce and changed its name to Vale S.A. in May 2009. Vale was founded in 1942 and is headquartered in Rio de Janeiro, Brazil.
Vale has a history involving dam failure in connection with its mining activities. On November 5, 2015, Brazilian authorities reported that an iron-ore mine operated by Samarco Mineração SA (''Samarco'') (jointly owned by Vale and BHP, another mining entity) burst, killing dozens of people and devastating the local community. The cause of the collapse was the failure of a tailings dam, used to hold water and discarded minerals from the nearby iron-ore mine.
The complaint alleges that Throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Vale had failed to adequately assess the risk and damage potential of a dam breach at its Feijão iron ore mine especially in light of its experience in 2015; (ii) Vale's programs to mitigate health and safety incidents were inadequate; (iii) Defendants filed to disclose that Vale's auditor was not independent, as required under Brazilian mining law; (iv) Defendants failed to disclose that an internal report commissioned by Vale in 2018 to assess the stability of the tailings dam raised concerns over its drainage and monitoring systems; (v) Defendants failed to disclose the existence of information that the dam was at risk of ''liquefaction,'' the same issue that led to the 2015 collapse of the Samarco dam; and (vi) as a result, Vale's public statements were materially false and misleading at all relevant times.