The Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Rio Tinto plc Investors & E...
January 09 2017 - 2:01PM
Business Wire
Law Offices of Howard G. Smith announces that a class
action lawsuit has been filed on behalf of investors who purchased
Rio Tinto plc (“Rio Tinto” or the “Company”) (NYSE: RIO) securities
between March 16, 2012 and November 14, 2016, inclusive (the
“Class Period”). Rio Tinto investors have until February
10, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Rio Tinto investments are
encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights in this class action at 888-638-4847 or by email
to howardsmith@howardsmithlaw.com.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, as
well as failed to disclose material adverse facts about the Rio
Tinto's business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or failed to
disclose that: (1) Rio Tinto violated anti-corruption laws in
connection with its operations with respect to the Simandou
project; (2) the above-mentioned violations would expose Rio Tinto
to a heavy inspection and large fines; and (3) consequently, Rio
Tinto's public statements were materially false and misleading at
all relevant times.
On November 9, 2016, Rio Tinto disclosed that the Company became
aware of an alleged corruption scheme involving certain of its
executives making illegal payments to acquire mining rights. The
Company further disclosed that it had suspended Energy &
Minerals chief executive Alan Davies; and that the Company’s Legal
& Regulatory Affairs group executive Debra Valentine had
stepped down from her role.
On November 14, 2016, Bloomberg News reported that the
Company’s CEO has expressed “shock” at the extent of the corruption
scheme and disclosed that the Company had initiated an internal
probe into the alleged corruption scheme. On this news, Rio Tinto’s
ADR price fell nearly 4% on November 15, 2016.
Days later, on November 18, 2016, Bloomberg News reported
that Guinea’s Mines and Geology Minister, Abdoulaye Magassouba, had
requested Rio Tinto’s Chief Executive Officer, Jean-Sébastian
Jacques, provide more information and specifics on the internal
probe concerning corruption.
If you purchased shares of Rio Tinto during the Class Period you
may move the Court no later than February 10,
2017 to ask the Court to appoint you as lead plaintiff if
you meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, or if
you have any questions concerning this announcement or your rights
or interests with respect to these matters, please contact Howard
G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol
Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email
to howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20170109006247/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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