Hach Rose Schirripa & Cheverie, LLP Initiates Securities Lawsuit Against Turquoise Hill Resources Ltd., Rio Tinto plc and Rio Tinto Ltd.

NEW YORK, Oct. 15, 2020 (GLOBE NEWSWIRE) -- Hach Rose Schirripa & Cheverie, LLP filed a class action lawsuit against Turquoise Hill Resources Ltd. (NYSE: TRQ) (“Turquoise Hill” or the “Company”), Rio Tinto plc, Rio Tinto Ltd. (together with Rio Tinto plc, “Rio Tinto”), Rio Tinto subsidiary Rio Tinto International Holdings Ltd., and their executive officers in the United States District Court for the Southern District of New York (Case No. 1:20-cv-08585) on behalf all persons who purchased or otherwise acquired Turquoise Hill securities between July 17, 2018 and July 31, 2019, inclusive (the “Class Period”). Investors who suffered a financial loss are encouraged to speak directly with the attorneys litigating this action by contacting Frank R. Schirripa, Esq. at (212) 213-8311, toll free (866) LAWS-USA, or via email at fschirripa@hrsclaw.com.

The Complaint alleges that, during the Class Period, the defendants violated the federal securities laws by making materially false and misleading statements and failing to disclose material facts regarding the development of the Oyu Tolgoi copper-gold mine in Southern Mongolia (“Oyu Tolgoi”), which was the Company’s principal asset. Among other things, the Complaint alleges that Defendants failed to disclose that the progress of underground development of Oyu Tolgoi was not proceeding as planned; that there were significant undisclosed underground stability issues that called into question the design of the mine; that the publicly disclosed estimates of the cost, completion and production dates from the underground mine were not achievable; and that, later in the Class Period, “challenging ground conditions” at the site were much more severe than Defendants represented, and made it impossible for Turquoise Hill and Rio Tinto to achieve their estimates. As the truth became partially revealed, Turquoise Hill’s common stock price dropped by 12.86% on February 27, 2019, 43.9% on July 16, 2019 and 8.2% on August 1, 2019.

If you believe you purchased shares of Turquoise Hill during the Class Period and suffered a financial loss, you should contact us to discuss your rights.

Hach Rose Schirripa & Cheverie, LLP specializes in the fields of securities, corporate governance and consumer protection litigation. With over 100 years of combined experience, the firm’s attorneys have established themselves as leading representatives of investor and consumer rights these areas. The firm’s attorneys have successfully litigated complex class actions in both state and federal courts through the United States and are committed to protecting investors’ assets and victims of corporate wrongdoing.

SOURCE: Hach Rose Schirripa & Cheverie, LLP