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The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of all purchasers of the common stock of Turquoise Hill Resources Ltd. (“Turquoise Hill” or the “Company”) (NYSE: TRQ) between May 14, 2010 and November 8, 2013, inclusive (the “Class Period”).
If you purchased the common stock of Turquoise Hill during the Class Period, you may move the Court for appointment as lead plaintiff by no later than February 11, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Turquoise Hill investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Turquoise Hill Securities Class Litigation
The action charges Turquoise Hill and certain of its officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Turquoise Hill is an international mineral exploration and development company with headquarters in Vancouver, Canada.
The action alleges that during the Class Period, defendants issued materially false and misleading statements regarding Turquoise Hill’s financial performance and business prospects and overstated the Company’s reported revenue, specifically for its SouthGobi Resources Ltd. (“SouthGobi”) subsidiary, which produces coal at the Ovoot Tolgoi mine in Mongolia. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
On November 8, 2013, Turquoise Hill announced that the Company would be restating its consolidated financial results for the years ended December 31, 2010, 2011, 2012 and the affected quarters, including 2013, due to errors related to the Company’s timing of revenue recognition from sales to certain distributors as a result of SouthGobi’s decision to change the way it recognizes revenue. The Company further disclosed that some sales were booked after delivery to the customers’ stockpiles at the Ovoot Tolgoi mine, rather than upon customer collection. Turquoise Hill additionally disclosed that the financial statements for the periods listed above should no longer be relied upon. On this news, the Company’s stock price declined approximately 3%.