TRQ CLASS ACTION ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit has been Filed Against Turquoise Hill Resources Ltd
Oct 26, 2020 11:47 AM ET
Legal Newswire POWERED BY LAW.COM
Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Turquoise Hill Resources Limited between July 17, 2018, and July 31, 2019, inclusive (the "Class Period"). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.
If you purchased Turquoise Hill securities, and/or would like to discuss your legal rights and options please visit Turquoise Hill Shareholder Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected] .
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (i) the progress of underground development and 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 publicly disclosed estimates of the cost, date of completion and dates for production from the underground mine were not achievable; (iv) the "challenging ground conditions" were much more severe than Defendants represented, and in fact made it impossible for Turquoise Hill and Rio Tinto to achieve those estimates; (v) the development capital required for the underground development of Oyu Tolgoi would cost substantially more than a billion dollars over what Turquoise Hill and Rio Tinto had represented; and (v) Turquoise Hill would require additional financing and/or equity to complete the project.
On July 31, 2019, Turquoise Hill issued a press release and MD&A which it filed as exhibits on Forms 6-K announcing the Company's financial and operating results for the second quarter of fiscal year 2019. The press release, among other things, stated that the Company's "preliminary estimates indicated that sustainable first production could be delayed by 16 to 30 months compared with Q1'21 estimate in the original feasibility study guidance in 2016, and the development capital project may increase by $1.2 billion to $1.90 billion over the $5.3 billion previously disclosed."
Following this news, on August 1, 2019, Turquoise Hill's common stock price closed at $0.53 per share, down 8.62% from the day's closing price of $0.58 per share, with over 16.6 million shares traded.
If you wish to serve as lead plaintiff, you must move the Court no later than December 14, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Turquoise Hill securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/turquoisehillresources-trq-shareholder-class-action-lawsuit-stock-fraud-325/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected]
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
Matthew E. Guarnero
Bernstein Liebhard LLP
Tags: Wire, Legal Newswire, United States, English