Vale S.A.
| Company Name | Vale S.A. |
| Stock Symbol | VALE |
| Class Period | April 13, 2018 to January 28, 2019 |
| Lead Plaintiff Motion Deadline | March 29, 2019 |
On January 25, 2019, Reuters reported that a tailings dam burst at Vale’s Feijao iron ore mine in Brazil, leaving hundreds of people missing. According to the article, the mine was in the process of being decommissioned. On this news, Vale’s stock fell over 15% during intraday trading on January 28, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period Defendants made materially 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.
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