NEW YORK, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Turquoise Hill Resources Ltd. (NYSE: TRQ) from July 17, 2018 through July 31, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Turquoise Hill Resources Ltd. investors under the federal securities laws.
According to the lawsuit, regarding the development of the Oyu Tolgoi copper-gold mine in Mongolia, defendants made false and/or misleading statements and/or failed to disclose that: (1) the stability issues were much more severe than represented and called into question the design of the mine, the projected cost and timing of production; (2) the publicly disclosed estimates of the cost, date of completion and dates for production from the underground mine were not achievable; (3) the “challenging ground conditions” were much more severe than defendants represented, and in fact made it impossible for Turquoise Hill and Rio Tinto to achieve those estimates; (4) the development capital required for the underground development of Oyu Tolgoi would cost substantially more than a billion dollars over what Turquoise Hill and Rio Tinto had represented; (5) Turquoise Hill would require additional financing and/or equity to complete the project; (6) the progress of underground development and of Oyu Tolgoi was not proceeding as planned; and (7) the “key risks” had not been “well understood and managed” but had placed the project schedule and cost into severe jeopardy. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you wish to serve as lead plaintiff, you must move the Court no later than December 14, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
No class has been certified. Until a class is certified, you are not represented by counsel unless you hire one. You may hire counsel of your choice. You may also do nothing at this time and be an absent member of the class. Your ability to share in any future recovery is not dependent upon being a lead plaintiff.
Pawar Law Group represents investors from around the world. Attorney advertising. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1410
New York, NY 10007
Tel: (917) 261-2277
Fax: (212) 571-0938