A lawsuit was filed on behalf of investors in Rio Tinto plc (ADR) (NYSE:RIO) shares over alleged securities laws violations. Deadline: February 10, 2017. NYSE:RIO investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/19/2016 -- The Shareholders Foundation announced that an investor, who purchased shares of Rio Tinto plc (ADR) (NYSE:RIO), filed a lawsuit in New York over alleged violations of Federal Securities Laws by Rio Tinto plc.
Investors who purchased shares of Rio Tinto plc (ADR) (NYSE:RIO) have certain options and for certain investors are short and strict deadlines running. Deadline: February 10, 2017. NYSE:RIO investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Rio Tinto plc (ADR) (NYSE:RIO) common shares between March 16, 2012 and November 14, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 16, 2012 and November 14, 2016, the Defendants made false and/or misleading statements and/or failed to disclose that Rio Tinto violated anti-corruption laws in connection with its operations with respect to the Simandou project, that the foregoing violations would expose the Company to significant scrutiny and large fines, and that as a result of the foregoing, Rio Tinto's public statements were materially false and misleading at all relevant times.
On November 9, 2016, Rio Tinto plc announced that on August 29, 2016, the Company "became aware of email correspondence from 2011 relating to contractual payments totaling US$10.5 million made to a consultant providing advisory services on the Simandou project in Guinea." Rio Tinto plc launched an investigation led by external counsel, contacted U.K. and U.S. authorities, and suspended its Energy and Minerals chief executive Alan Davies. The Company's Legal & Regulatory Affairs group executive Debra Valentine also stepped down from her role.
On November 14, 2016, an article was published entitled "Rio CEO Says Staff 'Shocked' by Probe That May Take Years."
On November 15, 2016, an article was published alleging that external counsel for Rio Tinto plc learned about these emails through external counsel approximately one year ago, and that external counsel had reported the emails to Debra Valentine.
On November 18, 2016, an article was reported that Guinea's Mines and Geology Minister, Abdoulaye Magassouba, had written a letter to Rio Tinto's Chief Executive Officer, Jean-Sébastian Jacques, asking him to provide details of the internal inquiry.
On November 18, 2016, another article was published entitled "Rio Tinto Offered Bribe for Mine, Ex-Guinea Minister Says," reporting that the head of Rio Tinto's Guinea operation had offered the country's former mining minister a bribe in connection with the Simandou project.
Shares of Rio Tinto plc (ADR) (NYSE:RIO) closed on December 16, 2016 at $38.76 per share.
Those who purchased shares of Rio Tinto plc (ADR) have certain options and should contact the Shareholders Foundation.