Lawsuit filed for Investors in shares of Turquoise Hill Resources Ltd. (NYSE: TRQ)

An investor, who purchased shares of Turquoise Hill Resources Ltd. (NYSE: TRQ), filed a lawsuit over alleged Securities Laws violations by Turquoise Hill Resources Ltd.

Investors who purchased shares of Turquoise Hill Resources Ltd. (NYSE: TRQ) have certain options and for certain investors are short and strict deadlines running. Deadline: December 14, 2020. NYSE: TRQ investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Canada based Turquoise Hill Resources Ltd., together with its subsidiaries, operates as a mining company. The company explores for copper, gold, and silver deposits.

On February 26, 2019, Turquoise Hill Resources Ltd disclosed release that, although “the [Oyu Tolgoi] project cost was expected to remain within the $5.3 billion budget,” a review had determined that “there was an increasingly likely risk of a further delay to sustainable first production beyond Q3‘21.” In the press release, Turquoise Hill Resources Ltd attributed the “likely risk” to productivity delays in completing Shaft 2 and “challenging ground conditions that have had a direct impact on the project’s critical path.”
Then, on July 15, 2019, Turquoise Hill Resources Ltd announced a further delay and that the underground project would cost substantially more than Turquoise Hill had repeatedly stated. Sustainable first production from the underground development of Oyu Tolgoi would now be delayed by another 9 to 21 months until May 2022 to June 2023, and “the development capital spend for the project may increase by $1.2 to $1.9 billion over the $5.3 billion previously disclosed.”
Finally, on July 31, 2019, Turquoise Hill Resources Ltd disclosed that it had taken a $600 million impairment charge and a substantial “deferred income tax recognition adjustment” tied to the Oyu Tolgoi project, and that it had suffered a loss in the second quarter. The next day, Rio Tinto also revealed that it too had taken an impairment charge related to the Oyu Tolgoi project of $800 million.

Shares of Turquoise Hill Resources Ltd. (NYSE: TRQ) declined from $2.17 per share in early February 2019 to as low as $0.40 per share in September 2019.

The plaintiff claims that between July 17, 2018 and July 31, 2019, the the defendants made false and/or misleading statements and/or failed to disclose that the progress of underground development at Oyu Tolgoi was not proceeding as planned, that there were significant undisclosed underground stability issues that called into question the design of the mine and the projected cost and timing of production, that Turquoise Hill’s publicly disclosed estimates of the cost, date of completion, and dates for production from the underground mine were not achievable, that the development capital required for the underground development of Oyu Tolgoi would cost substantially more than a billion dollars over what Turquoise Hill had represented, and that Turquoise Hill would require additional financing and/or equity to complete the project.

Those who purchased shares of Turquoise Hill Resources Ltd. (NYSE: TRQ) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.