Case Page

 

Case Status:    SETTLED
On or around 07/01/2016 (Other)

Filing Date: May 12, 2014

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.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Metal Mining
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CLF
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Ohio
DOCKET #: 14-CV-01031
JUDGE: Hon. Patricia A. Gaughan
DATE FILED: 05/12/2014
CLASS PERIOD START: 03/14/2012
CLASS PERIOD END: 03/26/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. Climaco, Wilcox, Peca, Tarantino & Garofoli Co. LPA
    55 Public Square Suite 1950, Climaco, Wilcox, Peca, Tarantino & Garofoli Co. LPA, OH 44113
    216.621.8484 · cmjani@climacolaw.com
  3. Lowenstein Sandler PC
    65 Livingston Avenue, Lowenstein Sandler PC, NJ 07068
    973.597.250 973.597.2400 · sthompson@lowenstein.com
No Document Title Filing Date
COURT: N.D. Ohio
DOCKET #: 14-CV-01031
JUDGE: Hon. Patricia A. Gaughan
DATE FILED: 03/31/2015
CLASS PERIOD START: 03/14/2012
CLASS PERIOD END: 03/26/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. Climaco, Wilcox, Peca, Tarantino & Garofoli Co. LPA
    55 Public Square Suite 1950, Climaco, Wilcox, Peca, Tarantino & Garofoli Co. LPA, OH 44113
    216.621.8484 · cmjani@climacolaw.com
  3. Lowenstein Sandler PC
    65 Livingston Avenue, Lowenstein Sandler PC, NJ 07068
    973.597.250 973.597.2400 · sthompson@lowenstein.com
No Document Title Filing Date