The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Rio Tinto PLC (NYSE: RIO) who purchased shares between October 23, 2012 and February 15, 2013. 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 2011, Rio Tinto acquired certain Riversdale Mining Limited coal assets in Mozambique that became known as Rio Tinto Coal Mozambique (“RTCM”). The complaint alleges that throughout the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding RTCM’s true value, including that: (1) within months of the purchase, now-former senior executives knew of material problems adversely affecting RTCM’s multi-billion dollar publicly reported valuation; (2) as time passed, the same senior executives knew of additional problems and events that, under applicable accounting rules, required an impairment analysis of RTCM and reductions in its reported valuation; and (3) these executives thwarted the required impairment analysis and continued to tout RTCM’s value to investors.
Shareholders have until December 22, 2017 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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