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Case: Vale Securities Class Action |
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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. |
