Turquoise Hill Resources Ltd.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Turquoise Hill Resources Ltd. (“Turquoise Hill” or the “Company”) (NYSE: TRQ) securities during the period from July 17, 2018 through July 31, 2019 (the “Class Period”). Investors have until December 14, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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 dopped by 12.86% on February 27, 2019, 43.9% on July 16, 2019 and 8.2% on August 1, 2019.
If you acquired Turquoise Hill securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.