According to the law firm press release, the lawsuit alleges throughout the Class Period Defendants issued false and misleading statements to investors and/or failed to disclose that: (1) the accident at Samarco of the bursting of the Fundao Dam resulted in the spillage of toxic waste; (2) Vale had a contract with Samarco that allowed Vale to deposit iron ore waste from its treatment plants from Vale’s Alegria mine into the Fundao Dam; (3) Vale’s programs and procedures to mitigate environmental, health and safety incidents were inadequate; and (4) as a result, Defendants’ statements about Vale’s business and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On March 7, 2016, the Court issued an Order appointing Lead Plaintiffs and approving Lead Counsel. Lead Plaintiffs filed a consolidated Complaint on April 29. Defendants filed a Motion to Dismiss the consolidated Complaint on July 25. On March 23, 2017, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

On September 15, 2017, Plaintiffs filed a Motion for Class Certification. On September 27, 2019, the Court issued an Order denying Class Certification.