NEW YORK, Dec. 13, 2016 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies
investors that a class action lawsuit has been filed against Rio
Tinto plc ("Rio Tinto" or the "Company") (NYSE: RIO) and certain of
its officers, and is on behalf of a class consisting of all persons
or entities who purchased or otherwise acquired Rio Tinto American
Depositary Receipts ("ADRs") between March
16, 2012 and November 14,
2016, both dates inclusive (the "Class Period"). Such
investors are advised to join this case by visiting the firm's
site: http://www.bgandg.com/rio.
The class action lawsuit seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the "Exchange Act").
Rio Tinto is a British-Australian multinational and one of the
world's largest metals and mining corporations. The Company mines
and produces aluminum products, including bauxite, alumina, and
aluminum; copper, gold, silver, and molybdenum, as well as nickel;
diamonds, titanium dioxide feedstocks, borates, and salt, as well
as high purity iron, metal powders, zircon, and rutile; uranium;
iron ore; and thermal coal, and coking or metallurgical coal.
Rio Tinto held a significant stake in the Simandou iron mine at all
relevant times.
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
said that on August 29, 2016, it
"became aware of email correspondence from 2011 relating to
contractual payments totaling US$10.5
million made to a consultant providing advisory services on
the Simandou project in Guinea." Rio Tinto began an investigation
led by external counsel, contacted U.K. and U.S. authorities, and
suspended Alan Davies, chief
executive of Energy and Minerals. Debra Valentine, an
executive of Rio Tinto's Legal & Regulatory Affairs group also
resigned.
On November 14, 2016, post-market,
Bloomberg News released an article: "Rio CEO Says Staff
'Shocked' by Probe That May Take Years." Following this news, and
the continued investigation, Rio Tinto's ADR price dropped
$1.52, or 3.83%, to close at
$38.13 on November 15, 2016.
After market hours on November 15,
2016, Rio Tinto announced Mr. Davies' and Ms. Valentine's
termination. Following this news, Rio Tinto's ADR price dropped
$0.77 per share, or 2.02%, to close
at $37.36 on November 16, 2016.
Then pre-market on November 18,
2016, Bloomberg News announced that Guinea's Mines and Geology Minister,
Abdoulaye Magassouba, had requested
details of the internal inquiry from Rio Tinto's Chief Executive
Officer, Jean-Sébastian Jacques.
That same day, Bloomberg News published an aricle: "Rio
Tinto Offered Bribe for Mine, Ex-Guinea Minister Says," writing
that the head of Rio Tinto's Guinea operation had offered a bribe to the
country's former mining minister for the Simandou project.
Following these revelations, Rio Tinto's ADR price dropped
$1.01 per share, or 2.69%, to close
at $36.55 on November 18, 2016.
A class action lawsuit has already been filed. If you wish to
review a copy of the Complaint you can visit the firm's site:
http://www.bgandg.com/rio or you may contact Peretz Bronstein, Esq. or his Investor Relations
Analyst, Yael Hurwitz of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss
in Rio Tinto you have until February 10,
2017 to request that the Court appoint you as lead
plaintiff. Your ability to share in any recovery doesn't
require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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