On or around 05/21/2020 (Date of last review)
Filing Date: January 28, 2019
According to the Complaint, Vale is a mining and metals company headquartered in Rio de Janeiro, Brazil.
Plaintiff's law firm issued a press release on January 28, 2018, announcing the filing of the lawsuit. According to the lawsuit, Defendants made 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.
On May 13, 2019, the Court issued an Order consolidating cases. On October 25, Plaintiff filed a consolidated Complaint. Defendants filed a Motion to Dismiss the consolidated Complaint on February 21, 2020. On May 20, the Court issued an Order denying Defendants' Motion to Dismiss.
Company & Securities Information
Defendant: Vale S.A.
Sector: Basic Materials
Industry: Metal Mining
Ticker Symbol: VALE
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.