{"id":398623,"date":"2020-12-13T00:29:57","date_gmt":"2020-12-13T05:29:57","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=398623"},"modified":"2020-12-13T00:29:57","modified_gmt":"2020-12-13T05:29:57","slug":"shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-turquoise-hill-resources-ltd-rio-tinto-plc-rio-tinto-limited-rio-tinto-international-holdings-limited-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-turquoise-hill-resources-ltd-rio-tinto-plc-rio-tinto-limited-rio-tinto-international-holdings-limited-2\/","title":{"rendered":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Turquoise Hill Resources Ltd., Rio Tinto plc, Rio Tinto Limited, Rio Tinto International Holdings Limited of Class Action Lawsuit and Upcoming Deadline \u2013 TRQ"},"content":{"rendered":"
\n

NEW YORK, Dec. 13, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Turquoise Hill Resources Ltd. (\u201cTurquoise Hill\u201d or the \u201cCompany\u201d) (NYSE: TRQ), Rio Tinto plc, Rio Tinto Limited (together with Rio Tinto plc, \u201cRio Tinto\u201d), Rio Tinto subsidiary Rio Tinto International Holdings Limited, and certain of their officers.\u00a0\u00a0 The class action, filed in United States District Court for the Southern District of New York, and docketed under 20-cv-10198, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Turquoise Hill securities from July 17, 2018 to July 31, 2019, inclusive (the \u201cClass Period\u201d), and who were damaged thereby, subject to certain exclusions.\u00a0 Plaintiff seeks to recover compensable damages on behalf of Plaintiff and the Class caused by Defendants\u2019 violations of the federal securities laws under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d) and Rule 10b-5 promulgated thereunder.<\/p>\n

If you are a shareholder who purchased Turquoise Hill securities during the Class Period, you have until December 14, 2020, to ask the Court to appoint you as Lead Plaintiff for the class.\u00a0 A copy of the Complaint can be obtained at www.pomerantzlaw.com<\/u><\/a>. \u00a0 To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com<\/u><\/a> or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.\u00a0<\/p>\n

\n
\n
\n [Click here for information about joining the class action]<\/u>
\n <\/strong>
\n <\/a>\n <\/p>\n

Turquoise Hill is an international mining company focused on the operation and development of the Oyu Tolgoi copper-gold mine in Southern Mongolia (\u201cOyu Tolgoi\u201d), which is the Company\u2019s principal and only material resource property.\u00a0 Turquoise Hill\u2019s subsidiary, Oyu Tolgoi LLC, holds a 66% interest in Oyu Tolgoi, and the remainder is held by the Government of Mongolia.<\/p>\n

Rio Tinto plc and Rio Tinto Limited are operated and managed together as a single economic unit and engage in mining and metals operations in approximately thirty-five countries.\u00a0 Through their subsidiaries, Rio Tinto owns 50.8% of Turquoise Hill.\u00a0 A Rio Tinto subsidiary, Rio Tinto International Holdings, Inc. (\u201cRio Tinto International\u201d or \u201cRTIH\u201d; and collectively with Rio Tinto plc and Rio Tinto Limited, \u201cRio Tinto\u201d), is also the manager of the Oyu Tolgoi project, including having responsibility for its development and construction.<\/p>\n

The complaint alleges that thought the Class Period, Defendants made materially false and\/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company\u2019s business, operations, and prospects, which were known to Defendants or recklessly disregarded by them.\u00a0 Specifically, Defendants made false and\/or misleading statements and\/or failed to disclose that: (i) the progress of underground development of Oyu Tolgoi was not proceeding as planned; (ii) there were significant undisclosed underground stability issues that called into question the design of the mine, the projected cost, and timing of production; (iii) the Company\u2019s publicly disclosed estimates of the cost, date of completion and dates for production from the underground mine were not achievable; (iv) the development capital required for the underground development of Oyu Tolgoi would cost substantially more than a billion dollars over what the Company had represented; and (v) Turquoise Hill would require additional financing and\/or equity to complete the project.<\/p>\n

On February 26, 2019, after the close of trading, Turquoise Hill shocked the financial markets by disclosing in a press release that, although \u201cthe [Oyu Tolgoi] project cost was expected to remain within the $5.3 billion budget,\u201d a review had determined that \u201cthere was an increasingly likely risk of a further delay to sustainable first production beyond Q3\u201921.\u201d\u00a0 In the press release, the Company attributed the \u201clikely risk\u201d to productivity delays in completing Shaft 2 and \u201cchallenging ground conditions that have had a direct impact on the project\u2019s critical path.\u201d<\/p>\n

In response to this news, Turquoise Hill\u2019s common share price closed at $1.83 per share on February 27, 2019, a 12.86% decline from the close at $2.10 per share on February 26, 2019, on a trading volume of over 18 million shares\u2014more than four times greater than the average daily trading volume over the prior year.<\/p>\n

Four and a half months later, on July 15, 2019, after the close of trading, Turquoise Hill issued a press release announcing a further delay and that the underground project would cost substantially more than the Company had repeatedly stated during the Class Period.\u00a0 Sustainable first production from the underground development of Oyu Tolgoi would now be delayed by a further nine to twenty-one months until May 2022 to June 2023, and \u201cthe development capital spend for the project may increase by $1.2 to $1.9 billion over the $5.3 billion previously disclosed.\u201d\u00a0 Turquoise Hill attributed the change to \u201c[i]mproved rock mass information and geotechnical data modeling,\u201d which \u201cconfirmed that there are stability risks associated with components of the existing mine design.\u201d\u00a0 Turquoise Hill disclosed that the issues with the mine design were so unsettled that it would take until the second half of 2020 to develop a revised design for the mine.<\/p>\n

Following this news, Turquoise Hill\u2019s common share price closed at $0.60 per share, down 43.93% from the prior day\u2019s closing price of $1.07 per share, with over 50.2 million shares traded.<\/p>\n

On July 31, 2019, after the close of trading, Turquoise Hill issued a press release and Management Discussion & Analysis (\u201cMD&A\u201d) making further disclosures about the status of the project, including that Turquoise Hill took a $600 million impairment charge and a substantial \u201cdeferred income tax recognition adjustment\u201d tied to the Oyu Tolgoi project, and that it suffered a loss in the second quarter.\u00a0 The next day, before trading hours, Rio Tinto issued a release concerning in part the project status, including that it had also taken an impairment charge related to the Oyu Tolgoi project, of $800 million.<\/p>\n

Following this news, on August 1, 2019, Turquoise Hill\u2019s common share price closed at $0.53 per share, down 8.62% from the prior day\u2019s closing price of $0.58 per share, with over 16.6 million shares traded.<\/p>\n

After the Class Period, on July 2, 2020, Turquoise Hill and Rio Tinto announced that the revised feasibility study for the Oyu Tolgoi project had been completed.\u00a0 The study recommended a new design for the portion of the mine undergoing development, with the addition of structural pillars and other changes, resulting in a reduction to the estimated mineral reserves for the mine.\u00a0 Turquoise Hill\u2019s press release also warned that the Oyu Tolgoi team was engaged in \u201cre-design studies\u201d for other portions of the underground mine.\u00a0 Turquoise Hill estimated that there would be an increase in capital costs of $1.5 billion (with a range of $1.3 billion to $1.8 billion), \u201csubject to further studies and any additional scheduling delays or increases in capital costs arising from the impacts of the COVID-19 pandemic.\u201d<\/p>\n

Also, on September 10, 2020, Turquoise Hill and Rio Tinto announced that they had entered into a non-binding Memorandum of Understanding under which they would seek to \u201creprofile Oyu Tolgoi\u2019s existing debt\u201d and raise an additional $500 million through debt financing, plus up to $3.6 billion in equity\u2014thereby diluting Turquoise Hill\u2019s public shareholders.<\/p>\n

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<\/u><\/a>.<\/p>\n

\n CONTACT:
<\/strong>Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com<\/u><\/a>
<\/a>888-476-6529 ext. 7980<\/p>\n

\n
\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

NEW YORK, Dec. 13, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Turquoise Hill Resources Ltd. (\u201cTurquoise Hill\u201d or the \u201cCompany\u201d) (NYSE: TRQ), Rio Tinto plc, Rio Tinto Limited (together with Rio Tinto plc, \u201cRio Tinto\u201d), Rio Tinto subsidiary Rio Tinto International Holdings Limited, and certain of their officers.\u00a0\u00a0 The class action, filed in United States District Court for the Southern District of New York, and docketed under 20-cv-10198, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Turquoise Hill securities from July 17, 2018 to July 31, 2019, inclusive (the \u201cClass Period\u201d), and who were damaged thereby, subject to certain … <\/p>\n

Continue reading “SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Turquoise Hill Resources Ltd., Rio Tinto plc, Rio Tinto Limited, Rio Tinto International Holdings Limited of Class Action Lawsuit and Upcoming Deadline \u2013 TRQ”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-398623","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nSHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Turquoise Hill Resources Ltd., Rio Tinto plc, Rio Tinto Limited, Rio Tinto International Holdings Limited of Class Action Lawsuit and Upcoming Deadline \u2013 TRQ - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-turquoise-hill-resources-ltd-rio-tinto-plc-rio-tinto-limited-rio-tinto-international-holdings-limited-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Turquoise Hill Resources Ltd., Rio Tinto plc, Rio Tinto Limited, Rio Tinto International Holdings Limited of Class Action Lawsuit and Upcoming Deadline \u2013 TRQ - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, Dec. 13, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Turquoise Hill Resources Ltd. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-turquoise-hill-resources-ltd-rio-tinto-plc-rio-tinto-limited-rio-tinto-international-holdings-limited-2\/","og_locale":"en_US","og_type":"article","og_title":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Turquoise Hill Resources Ltd., Rio Tinto plc, Rio Tinto Limited, Rio Tinto International Holdings Limited of Class Action Lawsuit and Upcoming Deadline \u2013 TRQ - Market Newsdesk","og_description":"NEW YORK, Dec. 13, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Turquoise Hill Resources Ltd. (\u201cTurquoise Hill\u201d or the \u201cCompany\u201d) (NYSE: TRQ), Rio Tinto plc, Rio Tinto Limited (together with Rio Tinto plc, \u201cRio Tinto\u201d), Rio Tinto subsidiary Rio Tinto International Holdings Limited, and certain of their officers.\u00a0\u00a0 The class action, filed in United States District Court for the Southern District of New York, and docketed under 20-cv-10198, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Turquoise Hill securities from July 17, 2018 to July 31, 2019, inclusive (the \u201cClass Period\u201d), and who were damaged thereby, subject to certain … Continue reading \"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Turquoise Hill Resources Ltd., Rio Tinto plc, Rio Tinto Limited, Rio Tinto International Holdings Limited of Class Action Lawsuit and Upcoming Deadline \u2013 TRQ\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-turquoise-hill-resources-ltd-rio-tinto-plc-rio-tinto-limited-rio-tinto-international-holdings-limited-2\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-13T05:29:57+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExMTMzOSMzODc5MDQ4IzIwMTc2NDQ=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-turquoise-hill-resources-ltd-rio-tinto-plc-rio-tinto-limited-rio-tinto-international-holdings-limited-2\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-turquoise-hill-resources-ltd-rio-tinto-plc-rio-tinto-limited-rio-tinto-international-holdings-limited-2\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Turquoise Hill Resources Ltd., Rio Tinto plc, Rio Tinto Limited, Rio Tinto International Holdings Limited of Class Action Lawsuit and Upcoming Deadline \u2013 TRQ","datePublished":"2020-12-13T05:29:57+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-turquoise-hill-resources-ltd-rio-tinto-plc-rio-tinto-limited-rio-tinto-international-holdings-limited-2\/"},"wordCount":1315,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-turquoise-hill-resources-ltd-rio-tinto-plc-rio-tinto-limited-rio-tinto-international-holdings-limited-2\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExMTMzOSMzODc5MDQ4IzIwMTc2NDQ=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-turquoise-hill-resources-ltd-rio-tinto-plc-rio-tinto-limited-rio-tinto-international-holdings-limited-2\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-turquoise-hill-resources-ltd-rio-tinto-plc-rio-tinto-limited-rio-tinto-international-holdings-limited-2\/","name":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Turquoise Hill Resources Ltd., Rio Tinto plc, Rio Tinto Limited, Rio Tinto International Holdings Limited of Class Action Lawsuit and Upcoming Deadline \u2013 TRQ - 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