Case Page

 

Case Status:    DISMISSED    
On or around 12/16/2014 (Court's order of dismissal)

Filing Date: December 13, 2013

According to the law firm press release, Turquoise Hill is an international mineral exploration and development company.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding Turquoise Hill’s financial performance and business prospects and had overstated the Company’s reported revenue, specifically for its SouthGobi Resources Ltd. (“SouthGobi”) subsidiary, which produces coal at the Ovoot Tolgoi mine in Mongolia. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period, reaching a high of $28.91 per share on February 7, 2011.

Then on November 8, 2013, Turquoise Hill issued a press release disclosing that the Company would be restating its consolidated financial results for the years ended December 31, 2010, 2011, 2012 and the affected quarters, including 2013, due to errors related to the timing of revenue recognition from sales to certain distributors as a result of the SouthGobi subsidiary’s decision to change the way it recognizes revenue. The Company further disclosed that some sales were booked after delivery to the customers’ stockpiles at the Ovoot Tolgoi mine instead of upon customer collection. In addition, the Company stated that the financial statements should no longer be relied upon. On this news, the Company’s stock price dropped from $4.87 per share on November 7, 2013 to close at $4.09 per share by November 14, 2013. Subsequently, on December 4, 2013, after the Company announced a rights offering, doubling the number of shares outstanding, Turquoise Hill’s stock price dropped to $3.41 per share.

On April 4, 2014, the Court issued an Order consolidating cases.

On April 8, 2014, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiff filed a consolidated and amended complaint on May 23.

On December 16, 2014, the Court issued an Order granting Defendants' motion to dismiss in its entirety.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Metal Mining
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: TRQ
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 13-CV-08846
JUDGE: Hon. Lorna G. Schofield
DATE FILED: 12/13/2013
CLASS PERIOD START: 05/14/2010
CLASS PERIOD END: 11/08/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Ademi & O'Reilly, LLP
    3620 East Layton Ave., Ademi & O'Reilly, LLP, WI 53110
    866-264-3995 414-482-8001 · inquiry@ademilaw.com
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 13-CV-08846
JUDGE: Hon. Lorna G. Schofield
DATE FILED: 05/23/2014
CLASS PERIOD START: 03/28/2011
CLASS PERIOD END: 11/14/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Liebhard LLP (New York)
    10 East 40th Street, 22nd Floor, Bernstein Liebhard LLP (New York), NY 10016
    212.779.1414 212.779.1414 ·
No Document Title Filing Date