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The SEC investigation would try to find evidence of “misconduct” related to public disclosures after a dam disaster in the town of Brumadinho, which killed 270 people in January 2019.

The so-called Wells notice received by Vale does not mean charges will be brought against the miner, the filing said.

“The notice gives Vale the opportunity to provide its point of view and address the issues raised by the SEC staff before the SEC makes any decision about authorizing proceedings to begin,” Vale said.

Shares in the miner fell 0.4% in mid-morning trading while Brazil’s benchmark Bovespa index rose 0.4%.