NEW YORK, April 15, 2020 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors Mesabi Trust ("Mesabi" or the "Company") (NYSE: MSB). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Mesabi and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 13, 2020, Mesabi issued a press release declaring a $0.56 per share quarterly dividend, representing a significant decrease from its prior dividend of $0.70 per share. Mesabi advised investors that the decrease was "primarily attributable to a lower volume of iron ore shipments, at lower prices, during the three month period ended December 31, 2019 compared to the same period of 2018, and to the Trust's receipt of total royalty payments of $9,410,394 on January 30, 2020 from Northshore Mining Company ('Northshore'), which was lower than the total royalty payments of $12,388,664 received by the Trust from Northshore in January 2019." On this news, Mesabi's stock price fell $1.74 per share, or 11.8%, to close at $13.01 per share on April 14, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP