Rio de Janeiro — There was more bad news recently for Vale SA, joint owner of Brazilian iron-ore miner Samarco Mineração SA, which suffered a devastating tailings dam collapse on Nov. 5 (GM Nov. 23, p.14). A securities class action has been filed in a New York court on behalf of those who purchased Vale shares between March 21, 2015, and Nov. 30, 2015, inclusive. Corporate litigation firm Bronstein, Gewirtz & Grossman LLC initiated the legal action Dec. 8. According to a shareholder alert by the litigation firm, the complaint alleges that throughout the class period, Vale made false and/or misleading statements, as well as failed to disclose material adverse facts about the Samarco iron ore operation. Shareholders have until Feb 6, 2016, to participate as plaintiffs. BHP Billiton, a 50 percent owner in Samarco, is not named as a target of the lawsuit. Vale’s securities listed on the New York Stock Exchange have plummeted close to 33 percent since the dam disaster. Vale and BHP already are facing a R$20 billion ($5.2 billion) lawsuit instigated by Brazil’s Federal Government and the Minas Gerais and Espirito Santo state authorities for clean-up costs and damages for the dam failure (GM Dec. 7, p.16).
Transparency Across the Fertilizer Value-Chain