NEW YORK--(BUSINESS WIRE)--Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased Turquoise Hill Resources, Ltd., (NYSE: TRQ) common stock between May 14, 2010 and November 8, 2013.
The complaint alleges that during the Class Period, Defendants made false and misleading statements concerning the Company’s financial results, business prospects, revenue and internal controls. As a result, Turquoise Hill Resources, Ltd., common stock traded at artificially inflated levels including a class period high of $28.91 on February 7, 2011.
On November 8, 2013, Turquoise Hill Resources, Ltd., issued a press release disclosing that the Company would be restating its financial results for the years ended December 31, 2010, 2011, 2012 and all affected quarters, including 2013, due to errors concerning the timing of revenue recognition from sales to certain distributors.
On this news, Turquoise Hill Resources, Ltd., common stock dropped from $4.87 per share on November 7, 2013, to close at $4.09 per share on November 8, 2013. In the aftermath of this revelation, the Company’s stock price has continued to decline.
If you purchased Turquoise Hill Resources, Ltd., common stock during the Class Period, you may, no later than February 11, 2014, request that the Court appoint you as lead plaintiff of the class.
If you are a shareholder of Turquoise Hill Resources, Ltd., (NYSE: TRQ) with a loss of $50,000 or more and would like additional information concerning your shareholder rights in this matter, please contact us at:
Matthew M. Guiney or Patrick Donovan
Wolf Haldenstein Adler Freeman & Herz LLP
270 Madison Avenue
New York, New York 10016
Wolf Haldenstein has represented individual and institutional investors for many years, serving as lead counsel in numerous cases in United States federal and state courts. Please visit the Wolf Haldenstein website (http://www.whafh.com) for more information about the firm.
Wolf Haldenstein did not file the original complaint against Turquoise Hill Resources, Ltd.
Attorney Advertising. Prior results do not guarantee or predict a similar outcome.