INVESTOR ALERT: Brower Piven Encourages Shareholders Who Have Losses In Excess Of $100,000 From Investment In Rio Tinto plc T...
December 28 2016 - 10:00PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the Southern
District of New York on behalf of purchasers of Rio Tinto plc
(NYSE: RIO) (“Rio Tinto” or the “Company”) American Depositary
Receipts (“ADRs”) during the period between March 16, 2012 and
November 14, 2016, inclusive (the “Class Period”). Investors who
wish to become proactively involved in the litigation have until
February 10, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff and be selected by
the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from
investment in Rio Tinto ADRs during the Class Period. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. No class has yet been certified in
the above action.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that Rio Tinto violated
anti-corruption laws in connection with its operations with respect
to the Simandou project and the violations would expose the Company
to significant scrutiny and large fines.
According to the complaint, following a November 9, 2016
announcement that the Company became aware of email correspondence
relating to contractual payments made to a consultant providing
advisory services on the Simandou project in Guinea, that the
Company had suspended Energy & Minerals chief executive, and
that the Company’s Legal & Regulatory Affairs group executive
had resigned from her role, a November 14, 2016 Bloomberg report
regarding the investigation, a November 15, 2016 announcement
regarding the termination of key employees, and a November 18, 2016
Bloomberg report that the Company was asked to provide details of
the investigation to Guinea’s Mines and Geology Minister and that
the Company had offered the country’s former mining minister a
bribe in connection with the Simandou project, the value of Rio
Tinto American Depositary shares declined significantly.
If you have suffered a loss in excess of $100,000 from
investment in Rio Tinto ADRs purchased on or after March 16, 2012
and held through the revelation of negative information during
and/or at the end of the Class Period and would like to learn more
about this lawsuit and your ability to participate as a lead
plaintiff, without cost or obligation to you, please visit our
website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven
either by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. Brower Piven also encourages anyone with information
regarding the Company’s conduct during the period in question to
contact the firm, including whistleblowers, former employees,
shareholders and others.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
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version on businesswire.com: http://www.businesswire.com/news/home/20161228005390/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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