A law firm recently filed a class action lawsuit on behalf of shareholders of an international mining company due to potential securities violations.
Pomerantz Grossman Hufford Dahlstrom and Gross, LLP, recently filed the class action claim against Turquoise Hill Resources, Ltd., in the U.S. District Court for the Southern District of New York. This includes all shareholders who purchased stock during the class period between May 14, 2010, and Nov. 8, 2013.
This lawsuit aims to compensate stockholders due to allegations that Turquoise Hill Resources violated the Securities Exchange Act of 1934, especially Sections 10(b), 20(a) and Rule 10b-5.
The company initially came under scrutiny on Nov. 8, 2013, when it released a statement that explained it would consolidate financial performance results from 2010 to 2012 and parts of 2013, which was due to a subsidiary's altering of revenue determination. There also was a problem with other transactions and the company felt that its statements were not reliable.
Once this information broke, the company had a notable decline in stock. On Nov. 7, 2013, it closed at $4.87 per share, while it fell to $4.09 per share on Nov. 14.
Those shareholders who are a member of the aforementioned class can become lead plaintiff if they file the proper paperwork with the court by Feb. 11, 2014.
In order to learn more about the lawsuit, or to ask questions about shareholders rights, it is optional to speak with the law firm. Robert Willoughby is available to answer these questions, and he can be reached by phone or email. However, those who plan to contact through the latter channel should leave their telephone number, mailing address and the number of shares they acquired from Turquoise Hill Resources.
Second law firm files suit
Another law office recently took the same action for shareholders of Turquoise Hill Resources.
Bernstein Liebhard, LLP, noted that it filed a claim in the same court for those who owned stock in the company during the same class period. The decision was due to many of the aforementioned issues, as the company may have violated securities laws.
For those who want to speak with the law firm to learn more about the action, or to ask questions about the process, contacting Joseph Seidman, Jr., is best. He can be reached by phone or email.