|By Marketwired .||
|May 12, 2014 05:11 PM EDT||
NEW YORK, NY -- (Marketwired) -- 05/12/14 -- Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") and Lowenstein Sandler LLP ("Lowenstein Sandler") today announced that they have filed a securities class action lawsuit on behalf of the Department of the Treasury of the State of New Jersey and its Division of Investment against Cliffs Natural Resources Inc. ("Cliffs" or the "Company") (NYSE: CLF) and certain of its senior executives. The action, which is captioned The Department of the Treasury of the State of New Jersey and Its Division of Investment v. Cliffs Natural Resources Inc., Case No. 1:14-cv-01031 (N.D. Ohio), asserts claims under the Securities Exchange Act of 1934 ("Exchange Act") on behalf of investors in Cliffs' common stock during the period of March 14, 2012 and March 26, 2013, inclusive (the "Class Period").
The Complaint alleges that during the Class Period, Cliffs misrepresented to investors that one of its most important assets, an iron ore mine known as Bloom Lake, was a premium asset and that production at the mine could be increased even as production costs decreased. Defendants also repeatedly misled investors regarding the testing and sustainability of the Company's dividend, which Cliffs dramatically increased by 123% on the first day of the Class Period. Once investors learned the complete truth regarding the massive problems at Bloom Lake and that the Company's dividend was neither adequately tested nor sustainable, the price of Cliffs' stock dropped significantly, damaging plaintiff and the class.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than 60 days from today. Accordingly, the deadline for filing a motion for appointment as Lead Plaintiff is July 11, 2014. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact James A. Harrod of BLB&G at 212-554-1502, or via e-mail at [email protected], or Michael T.G. Long of Lowenstein Sandler at 973-422-6726, or via e-mail at [email protected].
James A. Harrod
Bernstein Litowitz Berger & Grossmann LLP
1285 Avenue of Americas, 38th Floor
New York, New York 10019
Telephone: (212) 554-1502
Michael T.G. Long
Lowenstein Sandler LLP
65 Livingston Avenue
Roseland, NJ 07924
Telephone: (973) 422-6726