The Shuman Law Firm Investigates Cliffs Natural Resources, Inc.
May 20 2014 - 7:00PM
Business Wire
The Shuman Law Firm announces that it is investigating potential
claims against certain officers and directors of Cliffs Natural
Resources, Inc. (“Cliffs” or the “Company”) (Nasdaq: CLF).
The Firm’s investigation relates to allegations raised in a
class action lawsuit against the Company relating to its
disclosures regarding one of its most important assets, an iron ore
mine known as Bloom Lake. The class action alleges that Bloom Lake
was a premium asset and that production at the mine could be
increased even as production costs decreased. The complaint also
alleges that the defendants repeatedly misled investors regarding
the testing and sustainability of the Company's dividend, which
Cliffs dramatically increased by 123% on the March 14, 2012. Once
investors learned the truth regarding problems relating to Bloom
Lake and that the Company's dividend was neither adequately tested
nor sustainable, the price of Cliffs' stock dropped.
The price of Cliffs stock has fallen from a close of $69.50 on
March 14, 2012 to a close of less than $18.00 per share as recently
as May 16, 2014.
If you currently own Cliffs common stock and are interested in
discussing your rights, or have information relating to this
investigation, please contact Kip B. Shuman or Rusty E. Glenn toll
free at (866) 974-8626 or email Mr. Shuman at kip@shumanlawfirm.com
or email Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm represents investors throughout the nation,
concentrating its practice in stockholder litigation.
The Shuman Law FirmKip B. Shuman, Esq.,
866-974-8626kip@shumanlawfirm.comorRusty E. Glenn, Esq.,
866-974-8626rusty@shumanlawfirm.comFax: 303-484-4886Web:
www.shumanlawfirm.com
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