NEW YORK, Jan. 5, 2017 /PRNewswire/ -- Faruqi & Faruqi,
LLP, a leading national securities law firm, reminds investors in
Rio Tinto plc ("Rio Tinto" or the "Company") (NYSE:RIO) of
the February 10, 2017 deadline to
seek the role of lead plaintiff in a federal securities class
action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the
Southern District of New York on
behalf of all those who purchased Rio Tinto securities between
March 16, 2012 and November 14, 2016 (the "Class Period"). The
case, Jeffrey P. Weiner Supplemental Trust v. Rio Tinto PLC et
al, No. 1:16-cv-09572 was filed on December 12, 2016.
The lawsuit focuses on whether the Company and its executives
violated federal securities laws by making false and/or misleading
statements and/or failed to disclose that: (i) the Company violated
anti-corruption laws regarding its operations of the Simandou
project; (ii) the aforementioned violations would expose the
Company to significant scrutiny and large fines; and (iii) as a
result, Rio Tinto's public statements were materially false and
misleading.
Specifically, 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 made to a consultant
providing advisory services on the Simandou project. The Company
also announced the suspension of Energy & Minerals chief
executive, Alan Davies ("Davies"),
and the resignation of Legal & Regulatory Affairs group
executive, Debra Valentine
("Valentine"). In addition, after-market close on November 14, 2016, Bloomberg News
published an article entitled "Rio CEO Says Staff 'Shocked' by
Probe That May Take Years." On this news, Rio Tinto's American
Depositary Receipt ("ADR") price fell from $39.65 on November 14,
2016 to a closing price of $38.13 on November
15, 2016—a $1.52 or a 3.83%
drop.
Then after-market close on November 15,
2016, the Company announced the termination of Davies and
Valentine. On this news, Rio Tinto's ADR price fell from
$38.13 on November 15, 2016 to a closing price of
$37.36 on November 16, 2016—a $0.77 or a 2.02% drop.
Lastly, during pre-market on November 18,
2016, Bloomberg News reported that Guinea's Mines and Geology Minister,
Abdoulaye Magassouba, requested that
Rio Tinto's Chief Executive Officer, Jean-Sébastian Jacques,
provide details of the internal inquiry. In addition, on the same
day, Bloomberg News published an article entitled "Rio Tinto
Offered Bribe for Mine, Ex-Guinea Minister Says." On this news, Rio
Tinto's ADR price fell from $37.56 on
November 17, 2016 to a closing price
of $36.55 on November 18, 2016—a $1.01 or a 2.69% drop.
Request more information now by clicking here:
www.faruqilaw.com/RIO. There is no cost or obligation to
you.
Take Action
If you invested in Rio Tinto ADRs or options between
March 16, 2012 and November 14, 2016 and would like to discuss your
legal rights, visit www.faruqilaw.com/RIO. You can also contact us
by calling Richard Gonnello toll
free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also
encourages anyone with information regarding Rio Tinto's conduct to
contact the firm, including whistleblowers, former employees,
shareholders and others.
The court-appointed lead plaintiff is the investor with the
largest financial interest in the relief sought by the class that
is adequate and typical of class members who directs and oversees
the litigation on behalf of the putative class. Any member of the
putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member. Your ability to share in any
recovery is not affected by the decision of whether or not to serve
as a lead plaintiff.
Attorney Advertising. The law firm responsible for this
advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with
respect to any future matter. We welcome the opportunity to discuss
your particular case. All communications will be treated in a
confidential manner.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello,
Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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SOURCE Faruqi & Faruqi, LLP