TMCnet News
The Shuman Law Firm Investigates Cliffs Natural Resources, Inc.BOULDER, Colo. --(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 toallegations 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 [email protected] or email Mr. Glenn at [email protected]. The Shuman Law Firm represents investors throughout the nation, concentrating its practice in stockholder litigation.
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