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Turquoise Hill Resources Ltd (NYSE: TRQ) Investor Securities Class Action Lawsuit 12/13/2013

  • If you purchased shares of Turquoise Hill Resources Ltd (NYSE: TRQ), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Turquoise Hill Resources Ltd
Security
NYSE: TRQ

Case Name
Turquoise Hill Resources Shareholder Class Action Lawsuit 12/13/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Summary

December 16, 2014 - The court granted the defendants' motion to dismiss
May 23, 2014 - The lead plaintiff filed a consolidated amended complaint on behalf of investors who purchased Turquoise Hill Resources Ltd (NYSE: TRQ) common shares between March 28, 2011 and November 14, 2013. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 28, 2011 and November 14, 2013.

December 13, 2013 - An investor in shares of Turquoise Hill Resources Ltd (NYSE: TRQ) filed a lawsuit in the U.S. District Court for the Southern District of New York against Turquoise Hill Resources Ltd over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made May 14, 2010 and November 8, 2013.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired Turquoise Hill Resources Ltd (NYSE: TRQ) between May 14, 2010 and November 8, 2013, that Turquoise Hill Resources Ltd and certain of its officers and directors violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff alleges that between May 14, 2010 and November 8, 2013 defendants issued allegedly materially false and misleading statements regarding Turquoise Hill Resources Ltd’s financial performance and business prospects and had overstated the Company’s reported revenue, specifically for its SouthGobi Resources Ltd (“SouthGobi”) subsidiary, which produces coal at the Ovoot Tolgoi mine in Mongolia and that as a result of defendants’ allegedly false and misleading statements, Turquoise Hill Resources Ltd’s (NYSE: TRQ) stock traded at artificially inflated prices between May 14, 2010 and November 8, 2013, reaching a high of $28.91 per share on February 7, 2011.

On November 18, 2013, Turquoise Hill Resources Ltd announced that it will restate its consolidated financial results for 2010, 2011, 2012 and the affected quarters, including 2013, following a decision by Turquoise Hill Resources Ltd’s majority-owned subsidiary, that is plans to restate its financial results.

Shares of Turquoise Hill Resources Ltd (NYSE: TRQ) closed on December 13, 2013, at $3.21 per share.