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Turquoise Hill Resources Ltd (NYSE:TRQ) Investor Lawsuit alleges False and Misleading Statements

A lawsuit was filed on behalf of investors in Turquoise Hill Resources Ltd (NYSE:TRQ) shares over alleged securities laws violations. Deadline: February 10, 2014. NYSE:TRQ investors should contact the Shareholders Foundation.

FOR IMMEDIATE RELEASE

 
PRLog (Press Release) - Jan. 27, 2014 - An investor, who purchased shares of Turquoise Hill Resources Ltd (NYSE:TRQ), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Turquoise Hill Resources Ltd in connection with certain allegedly false and misleading statements made May 14, 2010 and November 8, 2013.

If you purchased a significant amount of shares of Turquoise Hill Resources Ltd (NYSE:TRQ) between May 14, 2010 and November 8, 2013, and / or if you purchased NYSE:TRQ shares in 2010 or earlier and currently hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: February 10, 2014. NYSE:TRQ investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com (mailto:mail@shareholdersfoundation.com) or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired Turquoise Hill Resources Ltd (NYSE:TRQ) between May 14, 2010 and November 8, 2013, that Turquoise Hill Resources Ltd and certain of its officers and directors violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff alleges that between May 14, 2010 and November 8, 2013 defendants issued allegedly materially false and misleading statements regarding Turquoise Hill Resources Ltd’s financial performance and business prospects and had overstated the Company’s reported revenue, specifically for its SouthGobi Resources Ltd. (“SouthGobi”) subsidiary, which produces coal at the Ovoot Tolgoi mine in Mongolia and that as a result of defendants’ allegedly false and misleading statements, the Company’s stock traded at artificially inflated prices between May 14, 2010 and November 8, 2013, reaching a high of $28.91 per share on February 7, 2011.

On November 18, 2013, Turquoise Hill Resources Ltd announced that it will restate its consolidated financial results for 2010, 2011, 2012 and the affected quarters, including 2013, following a decision by the company’s majority-owned subsidiary, that is plans to restate its financial results.

Shares of Turquoise Hill Resources Ltd (NYSE:TRQ) closed on December 13, 2013, at $3.21 per share.

Those who purchased shares of Turquoise Hill Resources Ltd have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Contact
Shareholders Foundation, Inc.
+1-(858)-779-1554
mail@shareholdersfoundation.com

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Source:Shareholders Foundation, Inc.
Industry:Business, Finance
Tags:NYSE TRQ, class action, lawsuit
Shortcut:prlog.org/12273952
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