Brower Piven, A Professional Corporation 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 purchasers of Turquoise Hill Resources Ltd. (“Turquoise Hill” or the “Company”) (NYSE:TRQ) common stock during the period between May 14, 2010 and November 8, 2013, inclusive (the “Class Period”).
If you have suffered a net loss from investment in Turquoise Hill Resources Ltd. common stock purchased on or after May 14, 2010, and held through the revelation of negative information on November 8, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than February 11, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants issuing materially false and misleading statements during the Class Period concerning the reported revenue for the Company’s subsidiary, SouthGobi Resources Ltd. (“SouthGobi”), which produces coal at the Ovoot Tolgoi mine in Mongolia. According to the complaint, following the Company’s November 8, 2013 disclosure that it would be restating its consolidated financial results for the years ended December 31, 2010, 2011, 2012 and the affected quarters, including 2013, due to SouthGobi’s decision to change the manner in which it recognizes certain revenue, the value of Turquoise Hill shares declined significantly.
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