Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Cliffs Natural Resources Inc.

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May 19, 2014, 06:15 ET

WAYNE, Pa., May 19, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Ohio on behalf of purchasers of the common stock of Cliffs Natural Resources Inc. ("Cliffs Natural" or the "Company") (NYSE: CLF) between March 14, 2012 and March 26, 2013, inclusive (the "Class Period").

Cliffs Natural shareholders may, no later than July 11, 2014, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Cliffs Natural and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/clf. You may also email Mr. Maniskas at [email protected].

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that its iron ore mine known as Bloom Lake suffered from systemic problems that caused massive cost overruns and serious production issues and that the dividend increase at the beginning of the Class Period was not sustainable. Following the November 19, 2012 announcement suggesting that the Bloom Lake project was encountering serious problems, the February 12, 2013 announcement that the Company's dividend would be cut by over 75%, and the March 27, 2013 revelation that two investment banks had cut their price targets on Company shares due to a weak balance sheet, the potential need to sell core assets, structural changes in its business and increased costs, the value of Cliffs shares declined significantly.

If you are a member of the class, you may, no later than July 11, 2014, request that the Court appoint you as lead plaintiff of the class. 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.

Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.

CONTACT:	Ryan & Maniskas, LLP
	Richard A. Maniskas, Esquire
	995 Old Eagle School Rd., Suite 311
	Wayne, PA 19087
	484-588-5516
	877-316-3218
	www.rmclasslaw.com/cases/clf
	[email protected]