BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Rio Tinto plc (“Rio Tinto” or the “Company”) (NYSE: RIO) securities between March 16, 2012 and November 14, 2016, inclusive (the “Class Period”). Rio Tinto investors have until February 10, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Rio Tinto investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
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 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 shares of Rio Tinto during the Class Period you may move the Court no later than February 10, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
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