NEW YORK--(BUSINESS WIRE)--
Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Rio Tinto plc (NYSE: RIO) (“Rio Tinto” or the “Company”) and other defendants, related to alleged violations of federal securities laws. If you purchased Rio Tinto American Depository Receipts (“ADR”) or other securities (including bonds) between October 23, 2012 and February 15, 2013, you are encouraged to contact Scott+Scott for additional information.
Rio Tinto is a mining and metals company incorporated in the United Kingdom. The Company’s ADR are listed on the New York Stock Exchange.
During August 2011, Rio Tinto acquired certain coal assets in Mozambique for approximately $3.7 billion (net of cash acquired at acquisition), known as Rio Tinto Coal Mozambique, or “RTCM.” The lawsuit alleges that defendants made false and misleading statements and/or failed to disclose adverse information regarding RTCM’s true value.
On October 17, 2017, the Securities and Exchange Commission filed a complaint charging that, as early as August 2012, Rio Tinto knew that various developments had rendered RTCM worthless, yet the Company did not publicly disclose this and instead continued to publicly tout RTCM’s value to investors and continued to significantly overvalue it. On February 15, 2013, the Company filed its Form 6-K, reporting an 80% write-down, or $2.86B, for the asset.
On news of the SEC complaint, the price of Rio Tinto’s ADR declined.
What You Can Do
If you purchased Rio Tinto ADR or other securities (including bonds) between October 23, 2012 and February 15, 2013, inclusive (even if you have since sold out), or if you have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980, or at [email protected]. Investors have until December 22, 2017, to move for lead plaintiff.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California and Ohio.
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