Company name Rio Tinto PLC
Stock symbol RIO
Class period October 23, 2012 to February 15, 2013
Lead plaintiff deadline December 22, 2017
Court Southern District of New York
Status Under Investigation

NEW YORK, October 24, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Rio Tinto PLC (NASDAQ: RIO) securities between October 23, 2012 and February 15, 2013 (the “Class Period”).  Investors have until December 22, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

This action concerns a fraud previously unknown to investors and only recently revealed by the SEC in a complaint filed on October 17, 2017.  The SEC complaint reveals that former Chief Executive Officer Tom Albanese and former Chief Financial Officer Guy Elliott lobbied for and obtained board approval of Rio Tinto’s August 2011 acquisition of certain of Riversdale Mining Limited coal tenements in Mozambique for approximately $3.7 billion.  The complaint alleges that within months of the acquisition, Albanese and Elliott knew of material problems adversely affecting this asset’s multi-billion dollar publicly reported valuation.  The complaint further alleges that Albanese and Elliott hid these facts from the board.  By January 15, 2013, less than a year and a half after the acquisition, the Board determined the asset was severely impaired and should be written down by billions of dollars to $611 million

If you purchased or otherwise acquired Rio Tinto securities and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.

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The submission of this form does not create an attorney-client relationship, nor any obligation on the part of Bragar Eagel & Squire, P.C., or you to file a legal action. Any information you submit will be maintained as confidential. If Bragar Eagel & Squire, P.C., in its sole discretion, believes that you might be an appropriate class representative, Bragar Eagel & Squire, P.C., will contact you to discuss the matter and to determine whether to establish an attorney client relationship.