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Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors that purchased Turquoise Hill Resources Ltd. (NYSE: TRQ) (the "Company") securities between July 17, 2018 and July 31, 2019 (the "Class Period"), inclusive.
All i nvestors who purchased shar es of Turquoise Hill Resources Ltd. a nd incurred losses a re u rged to contact the firm i mmediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may o btain additional information conc erning the action or join the case on our website , www.whafh.com .
If you have incurred losses in the shares of Turquoise Hill Resources Ltd., you may , no later than December 14 , 2020 , request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Turquoise Hill Resources Ltd.
On February 26, 2019, the Company announced in a press release that, while " 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." Turquoise Hill attributed the "likely risk" to productivity setbacks in completing Shaft 2 and "challenging ground conditions that have had a direct impact on the project's critical path."
On this news, the Company's share price fell $0.27, or approximately 13%, to close at $1.83 per share on February 27, 2019.
On July 15, 2019, Turquoise Hill announced that 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. The Company also stated that " the development capital spend for the project may increase by $1.2 to $1.9 billion over the $5.3 billion previously disclosed."
On this news, the Company's share price fell $0.47, or 44%, to close at $0.60 per share on July 16, 2019.
Then, on July 31, 2019, after the market closed, Turquoise Hill disclosed that it had taken a $600 million impairment charge and a significant "deferred income tax recognition adjustment" tied to the Oyu Tolgoi project, and that it had suffered a loss in the second quarter.
On this news, the Company's share price fell $0.05, or over 8%, to close at $0.53 per share on August 1, 2019.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com .
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com , kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Figure 1: Plan view of El Quillay copper trend, showing multiple zones of potential parallel mineralisation
Figure 1. Miramar’s Eastern Goldfields projects in relation to existing gold mining operations.