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In the United States, two law firms filed clbad actions against Vale for losses on the company's US stock market shares due to the Brumadinho dam breaking last Friday (25). ] Since the accident, Vale's ADRs have lost 27.5% of the value and closed the list at $ 11.2 in the second (28).
The lawsuit was initiated by Bernstein Liebhard LLP and the law firm Rosen Law Firm in favor of all investors who purchased shares of Vale between April 13, 2018 and January 28 of this year.
The objective is to recover the losses incurred by shareholders because of what they have identified as false business communications regarding the risk and potential damages of the company. a breach in a dam at Bean Creek Mine.
The bureaus also argue that the programs Accidental and health safety measures put in place by the mining company were inadequate and, as a result, several people died and hundreds are missing after the dam broke.
According to Bernstein Liebhard, the defendants ignored numerous reports of serious site integrity issues. and has not implemented the recommended action plan. In the collective action of the office, the pension funds appear as employees of Alameda County and Orange County, both in California.
Among the accused named in this action are Murilo Ferreira, former president of Vale, Luciano Pires, director.
Rosen Law states in a statement that the minor's information about his activities, operations and prospects "was materially false and misleading" and / or without reasonable foundation.
Phillip Kim, partner at Rosen Law, said the office filed a lawsuit in a Brooklyn court Tuesday "in support of investors who bought Vale shares."
The start date of the lawsuit. April 13th was chosen because it was when the office identified the company's first misinformation about the problem. "People are worried, ADRs are falling because of bad news, so we have been contacted by investors for action."
There will now be 60 days, expiring on 29 March, for other stakeholders to join the clbad action lawsuit. . The investor identified as having suffered the greatest loss will be considered the leader of the clbad action. Brazilians who bought Vale's ADRs can participate in the process, says Kim.
"I think investors, people who have lost money, should consider options, it does not cost anything to act collectively, they have nothing to lose," he says.
The office already earns a percentage on a possible agreement between the parties. "We have the same incentive as investors to take part in the lawsuit."
After the Samarco accident in 2015, the office also filed a clbad action in favor of investors, but no results at the moment.
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