Cliffs Natural Resources receives securities class action lawsuit

A law office noted that litigation was recently filed against an international mining and natural resources company due to potential violations of federal securities laws.

Ryan and Maniskas, LLP, noted that the securities class action lawsuit was filed against Cliffs Natural Resources, Inc., in the U.S. District Court for the Northern District of Ohio. This included all shareholders who acquired stock in the company during the class period between March 14, 2012, and March 26, 2013.

The lawsuit alleged that the leaders of Cliffs Natural Resources violated the Securities Exchange Act of 1934 due to not properly informing shareholders during the class period that there were notable issues with its Bloom Lake iron ore mine.

There is an ability for shareholders to apply for the lead plaintiff position in the case, but they need to file all necessary paperwork with the court by July 11, 2014. The court will have to approve the individual for the position that would best representative of the class. This is not a mandatory action, and there is still the option for shareholders to remain absent and collect in the event of a financial payout.

For those shareholders who want to learn more about the lead plaintiff position, the case itself or how it may affect those who own interests in Cliffs Natural Resources, it is an option to speak with the law office. The best person to contact is Richard Maniskas, and he can be reached by telephone or email. Additionally, there is more information available on the law office's website.

Second lawsuit filed
Another litigation firm noted that it also filed a class action lawsuit against Cliffs Natural Resources in the aforementioned court for many of the same reasons.

Law office Levi and Korsinsky, LLP, explained that the company's stock fell to $21.43 per share on March 26, 2013, from its original level of $69.50 per share due to the company's mining issues. The share price again dropped to less than $18 per share on May 13, 2014.

It is also an option to discuss these matters with this law firm. The best person to speak with about the case is Joseph Levi, and he can be reached by telephone or email, while there are further details laid out on the law office's website.