NEW YORK, Dec. 16, 2016 /PRNewswire/ -- Pomerantz LLP
announces that a class action lawsuit has been filed against Rio
Tinto plc ("Rio Tinto" or the "Company") (NYSE: RIO) and
certain of its officers. The class action, filed in United
States District Court, Southern District of New York, and docketed under 16-cv-09572, 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"), seeking to recover
compensable damages caused by defendants' violations of the
Securities Exchange Act of 1934.
If you are a shareholder who purchased Rio Tinto ADRs during the
Class Period, you have until February 10,
2017 to ask the Court to appoint you as Lead Plaintiff for
the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact
Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.
[Click here to join this class action]
Rio Tinto, a mining and metals company, finds, mines, and
processes mineral resources. 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 has
operations in Australia,
North America, Asia, Europe,
Africa, and South America. At
all relevant times, Rio Tinto has held a significant stake in the
Simandou iron mine, located in southern Guinea.
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
Company's business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or failed to
disclose that: (i) Rio Tinto violated anti-corruption laws in
connection with its operations with respect to the Simandou
project; (ii) the foregoing violations would expose the Company to
significant scrutiny and large fines; and (iii) as a result of the
foregoing, Rio Tinto's public statements were materially false and
misleading at all relevant time
On November 9, 2016, Rio Tinto
announced that on August 29, 2016,
"Rio Tinto became aware of email correspondence from 2011 relating
to contractual payments totalling US$10.5
million made to a consultant providing advisory services on
the Simandou project in Guinea,"
that the Company had suspended Energy & Minerals chief
executive Alan Davies, and that the
Company's Legal & Regulatory Affairs group executive
Debra Valentine had resigned from
her role.
On November 14, 2016, post-market,
Bloomberg News published an article entitled "Rio CEO Says
Staff 'Shocked' by Probe That May Take Years." On this news, as the
market processed the significance and scope of the investigation
that the Company faced, Rio Tinto's ADR price fell $1.52, or 3.83%, to close at $38.13 on November 15,
2016, the following trading day.
On November 15, 2016, post-market,
Rio Tinto announced the termination of Mr. Davies and Ms.
Valentine. On this news, Rio Tinto's ADR price fell
$0.77, or 2.02%, to close at
$37.36 on November 16, 2016.
On November 18, 2016, pre-market,
Bloomberg News reported that Guinea's Mines and Geology Minister,
Abdoulaye Magassouba, had written a
letter to Rio Tinto's Chief Executive Officer, Jean-Sébastian
Jacques, asking him to provide details of the internal
inquiry. On November 18, 2016,
pre-market, Bloomberg News also published an article
entitled "Rio Tinto Offered Bribe for Mine, Ex-Guinea Minister
Says," reporting that the head of Rio Tinto's Guinea operation had offered the country's
former mining minister a bribe in connection with the Simandou
project.
On these disclosures, Rio Tinto's ADR price fell $1.01, or 2.69%, to close at $36.55 on November 18,
2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP