Lawsuit alleges Cliffs execs misled shareholders
May 28, 2014 | 06:30 PM
| Nat Rudarakanchana
NEW YORK Iron ore miner Cliffs Natural Resources Inc. and former executives allegedly misled investors about its Bloom Lake Mine in Quebec, according to a class-action lawsuit filed on behalf of investors by Cliffs shareholder Joseph Weinstock.
Weinstock alleges that in press releases and earnings conference calls between March 14, 2012, and March 26, 2013, the Cleveland-based company made materially false representations that the mine was healthy and efficient when it actually faced severe logistical problems and cost overruns, according to the suit filed in U.S. District Court in Ohio.
The lawsuit names former president chief executive officer Joseph Carrabba, former chief financial officer Laurie Brlas, current chief financial officer and executive vice president Terry Paradie and former senior vice president of North American iron ore operations David Blake, as well as the company. Weinstock alleges that the executives repeatedly signed off on false representations.....
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