An investor, who purchased shares of Rio Tinto plc, filed a lawsuit over alleged violations of Federal Securities Laws by Rio Tinto plc in connection with certain allegedly false and misleading statements.
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 +1(858) 779 – 1554.
The plaintiff claims that 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.
Rio Tinto plc reported that its annual Total Revenue declined from over $47.66 billion in 2014 to over $34.82 billion in 2015 and that its Net Income of over $6.52 billion declined to a Net Loss of $866 million in 2015.
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.
Those who purchased NYSE:RIO shares have certain options and should contact the Shareholders Foundation.
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