Investigation announced for Investors in shares of Mesabi Trust (NYSE: MSB)

An investigation was announced concerning possible violations of securities laws in connection with certain financial statements.

Investors who purchased shares of Mesabi Trust (NYSE: MSB), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by Mesabi Trust regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

New York based Mesabi Trust, a royalty trust, engages in the iron ore mining business in the United States. Mesabi Trust reported that its Total Revenue declined from $47.03 million for the 12 months period that ended on January 31, 2019 to $31.7 million for the 12 months period that ended on January 31, 2020, and that its Net Income decreased over those time periods from $45.55 million to $30.05 million.

On April 13, 2020, Mesabi Trust 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."

Those who purchased shares of Mesabi Trust (NYSE: MSB) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.