The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Turquoise Hill Resources Ltd. (NYSE: TRQ) who purchased shares between July 17, 2018 and July 31, 2019. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Turquoise Hill lawsuit alleges that (i) the progress of underground development of Oyu Tolgoi was not proceeding as planned; (ii) there were significant undisclosed underground stability issues that called into question the design of the mine, the projected cost and timing of production; (iii) the company’s publicly disclosed estimates of the cost, date of completion and dates for production from the underground mine were not achievable; (iv) the development capital required for the underground development of Oyu Tolgoi would cost substantially more than a billion dollars over what the company had represented; and (v) Turquoise Hill would require additional financing and/or equity to complete the project.
Shareholders have until December 14, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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