NEW YORK, NY / ACCESSWIRE / December 22, 2017 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Rio Tinto PLC (“Rio” or the “Company”) (NYSE: RIO) securities and certain of its officers, on behalf of a class who purchased Rio American Depositary Receipts (“ADRs”) between October 23, 2012 and February 15, 2013, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/rio.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
Rio Tinto is incorporated in the United Kingdom (“U.K.”), and its ADRs are listed on the New York Stock Exchange (“NYSE”). The Company, a mining and metals company, finds, mines, processes, and markets mineral resources. It has operations in Australia, North America, Asia, Europe, Africa, and South America.
During August 2011, Rio Tinto completed its purchase of certain coal assets in Mozambique for approximately $3.7 billion (net of cash acquired at acquisition). This business became known as Rio Tinto Coal Mozambique, or “RTCM.”
The complaint alleges that throughout the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding RTCM’s true value, and specifically that: (1) within months of the purchase, now-former senior executives knew of material problems adversely affecting RTCM’s multi-billion dollar publicly reported valuation; (2) as time passed, the same senior executives knew of additional problems and events that, under applicable accounting rules, required an impairment analysis of RTCM and reductions in its reported valuation; (3) instead of timely performing the impairment analysis, these executives thwarted it and continued to tout RTCM’s value to investors; (4) when a concerned employee outside the normal financial control function discovered or suspected the senior executives concealed RTCM’s negative valuation from Rio Tinto’s Board of Directors, he bypassed them and directly alerted the Chairman, who ordered an investigation into RTCM’s true value; (5) on January 15, 2013, less than a year and a half after the purchase, the Board determined RTCM was severely impaired and should be written down by billions of dollars to $611 million; and (6) the impact of this writedown was reported to investors in Rio Tinto’s financial report on Form 6-K filed with the SEC on February 15, 2013.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/rio or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Rio you have until December 22, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
ReleaseID: 482490
