Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Turquoise Hill Resources, Ltd. (“Turquoise Hill” or the “Company”) (NYSE:TRQ) common stock between May 14, 2010 and November 8, 2013.
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The complaint alleges that the Company made false and/or misleading statements regarding Turquoise Hill’s financial performance and business prospects, and that the Company had overstated its reported revenue, specifically for its subsidiary SouthGobi Resources Ltd. (“SouthGobi”).
On November 8, 2013, Turquoise Hill announced it would restate its consolidated financial results for the years ended December 31, 2010, 2011, and 2012, as well as the affected quarterly financial results. According to the Company, these statements could no longer be relied upon due to errors related to the timing of revenue recognition from sales to certain distributors as a result of SouthGobi’s decision to alter its methods of recognizing revenue.If you suffered a loss in Turquoise Hill you have until February 11, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/turquoise-hill-resources-trq/. Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.