NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Rio Tinto PLC (NYSE:RIO) securities between October 23, 2012 and February 15, 2013 (the “Class Period”). Investors have until December 22, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
This action concerns a fraud previously unknown to investors and only recently revealed by the SEC in a complaint filed on October 17, 2017. The SEC complaint reveals that former Chief Executive Officer Tom Albanese and former Chief Financial Officer Guy Elliott lobbied for and obtained board approval of Rio Tinto’s August 2011 acquisition of certain of Riversdale Mining Limited coal tenements in Mozambique for approximately $3.7 billion. The complaint alleges that within months of the acquisition, Albanese and Elliott knew of material problems adversely affecting this asset’s multi-billion dollar publicly reported valuation. The complaint further alleges that Albanese and Elliott hid these facts from the board. By January 15, 2013, less than a year and a half after the acquisition, the Board determined the asset was severely impaired and should be written down by billions of dollars to $611 million.
If you purchased or otherwise acquired Rio Tinto securities and suffered a loss, have information, 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 Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Rio Tinto PLC lawsuit, please go to http://www.bespc.com/rio. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.