Cases
Rio Tinto PLC (RIO)
Securities Class Action
Overview
Overview
- Date:
- 10/24/2017
- Company Name:
- Rio Tinto PLC
- Stock Symbol:
- RIO
- Class Period:
- FROM 10/23/2012 TO 2/15/2013
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
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 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.
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 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.