Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Turquoise Hill Resources Ltd. who purchased shares between July 17, 2018 and July 31, 2019.
Turquoise Hill and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) underground development of the Oyu Tolgoi copper-gold mine, which was the Company’s principal asset, was not progressing as planned; (ii) significant undisclosed underground stability issues called into question the design of the mine; (iii) publicly disclosed estimates of the cost, completion and production dates from the mine were not achievable; (iv) the capital required for the Oyu Tolgoi development would cost substantially more than a billion dollars over what the Company had represented; and (v) the Company would require additional financing and/or equity to complete the project.
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 the respective securities during the class periods. 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. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until December 14, 2020 to request that the court appoint them lead plaintiff.