STEVENSON, Md., Dec. 16, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Rio Tinto plc (NYSE: RIO ) (“Rio Tinto” or the “Company”) American Depositary Receipts (“ADRs”) during the period between March 16, 2012 and November 14, 2016, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until February 10, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Rio Tinto ADRs during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Rio Tinto violated anti-corruption laws in connection with its operations with respect to the Simandou project and the violations would expose the Company to significant scrutiny and large fines.
According to the complaint, following a November 9, 2016 announcement that the Company became aware of email correspondence relating to contractual payments made to a consultant providing advisory services on the Simandou project in Guinea, that the Company had suspended Energy & Minerals chief executive, and that the Company’s Legal & Regulatory Affairs group executive had resigned from her role, a November 14, 2016 Bloomberg report regarding the investigation, a November 15, 2016 announcement regarding the termination of key employees, and a November 18, 2016 Bloomberg report that the Company was asked to provide details of the investigation to Guinea’s Mines and Geology Minister and that the Company had offered the country’s former mining minister a bribe in connection with the Simandou project, the value of Rio Tinto American Depositary shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Rio Tinto ADRs purchased on or after March 16, 2012 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
