NEW YORK--(BUSINESS WIRE)--
Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Rio Tinto plc (NYSE:RIO) resulting from allegations that Rio Tinto may have issued materially misleading business information to the investing public.
On November 9, 2016, Rio Tinto announced that on August 29, 2016, it “became aware of email correspondence from 2011 relating to contractual payments totaling US$10.5 million made to a consultant providing advisory services on the Simandou project in Guinea.” Rio Tinto launched an investigation led by external counsel, contacted U.K. and U.S. authorities, and suspended its Energy and Minerals chief executive Alan Davies. Rio Tinto’s Legal & Regulatory Affairs group executive Debra Valentine also stepped down from her role.
On November 15, 2016, the Financial Times reported that Rio Tinto’s lawyers had uncovered more than a year ago internal emails concerning the questionable $10.5m payment to a consultant. On this news, shares of Rio Tinto fell $1.52 per share or approximately 4% to close at $38.13 per share on November 15, 2016, damaging investors.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Rio Tinto investors. If you purchased shares of Rio Tinto, please visit the firm’s website at http://www.rosenlegal.com/cases-998.html for more information. You may also contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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