Vale Securities Class Action

USDC – Eastern District of New York

Class Period: June 7, 2016 through February 6, 2019


Headshot: Frederic Fox

Frederic S. Fox
Headshot: Donald Hall

Donald R. Hall
Headshot: Jeffrey Capisi

Jeffrey P. Campisi

Melinda D. Campbell
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Aaron L. Schwartz

Kaplan Fox is the court-appointed lead counsel in this securities class action on behalf of all purchasers of Vale S.A. securities between July 28, 2016 and February 6, 2019, inclusive (the “Class Period”), who were damaged thereby (the “Class”).

The action relates to the disclosure on January 25, 2019 that Vale’s Feijao tailings dam burst and that hundreds of people were missing; Vale stock fell over 8% the same day.  The next day, BBC News and Reuters reported the dam’s alarm system had failed, that operations at the dam had been suspended, and that Vale would be fined for various violations related to the dam.  On January 28, 2019, Reuters reported that Vale would be facing criminal prosecution and that investigations would be launched into the company; Vale stock fell 18% the same day.  On February 6, 2019, the Wall Street Journal reported that Vale had been warned by inspectors about the risk of failure at the Feijao dam; Vale stock fell more than 6% that day.  The drops in market value of Vale stock allegedly caused significant damage to class members.  

On May 15, 2019, Kaplan Fox was appointed lead counsel.  The Court’s order appointing lead counsel can be downloaded here.

– Complaint

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