NEW YORK, NY / ACCESSWIRE / February 3, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Rio Tinto plc ("Rio Tinto" or the "Company") (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.
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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.