BHP Billiton Plc (BBL) investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, BHP is a leading global resources company and is among the world's top producers of major commodities, including iron ore, metallurgical and energy coal, conventional and unconventional oil and gas, copper, aluminum, manganese, uranium, nickel and silver. The Company operates under a Dual Listed Company structure, with parent companies BHP Ltd. and BHP Plc operated as a single economic entity by a unified board and management team.
The complaint alleges that during the Class Period, defendants knew or recklessly disregarded the precarious condition of mining operations and facilities at the Samarco mine, a Brazilian mining operation jointly owned by BHP and Vale S.A., yet made materially false and misleading statements concerning the Company's commitment to safety and the implementation of safety and monitoring protocols at the mine sites.
The Class Period begins on September 25, 2014. On that date, BHP filed its annual report on Form 20-F for the fiscal year ended June 30, 2014, wherein BHP emphasized its focus on safety, representing, in pertinent part, as follows: “The safety and health of our people and of the broader communities in which we operate are central to the success of our organisation.”
On November 5, 2015, a dam burst at the Samarco mining site, flooding the nearby town and river with 60 million cubic meters of mud and mine waste. On that date and thereafter, the complaint alleges that the price of BHP ADRs declined in concert with the disclosure of news and analyst reports regarding the cause of the dam failure, the Company's failure to adhere to safety standards that defendants emphasized during the Class Period, and BHP's potential liability and financial exposure for the dam failure. When the truth about the Company's operations was revealed between November 5 and 30, 2015, the price of BHP ADRs declined significantly, harming investors.
Following this news, the the price of BHP Ltd.'s ADRs declined from $33.43 on November 4, 2015 (the day before the incident) to $26.68 on November 30, 2015 – a decline of over 20%.
If you are a member of the class described above, you may no later than April 25, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com