LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of Rio Tinto plc (“Rio Tinto” or the “Company”) (NYSE: RIO) investors concerning the Company and its officers’ possible violations of federal securities laws.
Rio Tinto is a mining and metals company with assets and operations located worldwide.
On November 9, 2016, Rio Tinto disclosed that the Company became aware of an alleged corruption scheme involving certain of its executives making illegal payments to acquire mining rights. The Company further disclosed that it had suspended Energy & Minerals chief executive Alan Davies; and that the Company’s Legal & Regulatory Affairs group executive Debra Valentine had stepped down from her role.
On November 14, 2016, Bloomberg News reported that the Company’s CEO has expressed “shock” at the extent of the corruption scheme and disclosed that the Company had initiated an internal probe into the alleged corruption scheme. On this news, Rio Tinto’s ADR price fell nearly 4% on November 15, 2016.
Days later, on November 18, 2016, Bloomberg News reported that Guinea’s Mines and Geology Minister, Abdoulaye Magassouba, had requested Rio Tinto’s Chief Executive Officer, Jean-Sébastian Jacques, provide more information and specifics on the internal probe concerning corruption.
If you purchased Rio Tinto ADRs, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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