NEW YORK, Nov. 16, 2016 /PRNewswire/ -- Pomerantz LLP is
investigating claims on behalf of investors of Rio Tinto plc ("Rio
Tinto" or the "Company") (NYSE: RIO). Such investors are advised to
contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888-476-6529, ext. 237.
The investigation concerns whether Rio Tinto and certain of its
officers and/or directors have violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934.
[Click here to join a class action]
On November 9, 2016, Rio Tinto
announced that on August 29, 2016,
the Company "became aware of email correspondence from 2011
relating to contractual payments totaling US$10.5 million made to a consultant providing
advisory services on the Simandou project in Guinea." Rio Tinto launched an
investigation led by external counsel, contacted U.K. and U.S.
authorities, and suspended its Energy and Minerals chief executive
Alan Davies. The Company's Legal
& Regulatory Affairs group executive Debra Valentine also stepped down from her role.
On November 15, 2016, the
Financial Times published an article alleging that external
counsel for Rio Tinto learned about these emails through external
counsel approximately one year ago, and that external counsel had
reported the emails to Debra
Valentine.
On this news, Rio Tinto's share price fell $1.52, or 3.83%, to close at $38.13 on November 15,
2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, 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
CONTACT:
Robert S.
Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP