Cliffs Natural Resources Inc. ("Cliffs") is an international mining and natural resources company, with a focus on coal and iron ore pellets.

According to the law firm press release, the Complaint alleges that during the Class Period, Cliffs misrepresented to investors that one of its most important assets, an iron ore mine known as Bloom Lake, was a premium asset and that production at the mine could be increased even as production costs decreased. Defendants also repeatedly misled investors regarding the testing and sustainability of the Company's dividend, which Cliffs dramatically increased by 123% on the first day of the Class Period. Once investors learned the complete truth regarding the massive problems at Bloom Lake and that the Company's dividend was neither adequately tested nor sustainable, the price of Cliffs' stock dropped significantly, damaging Plaintiff and the class.

On July 23, 2014, the Court issued an Order appointing lead Plaintiff and approving lead Counsel.

According to press reports, the Company announced a settlement in this case on February 7, 2016. The parties filed a Stipulation of Settlement on March 10. The Settlement was preliminarily approved by the Court on March 11. On June 30, 2016, the Court granted final approval of the Settlement and dismissed this case. On January 25, 2018, the Court issued an Order approving the distribution plan for the net settlement fund.