According to the law firm press release, Rio Tinto, a mining and metals company, finds, mines, and processes mineral resources. The Company mines and produces aluminum products, including bauxite, alumina, and aluminum; copper, gold, silver, and molybdenum, as well as nickel; diamonds, titanium dioxide feedstocks, borates, and salt, as well as high purity iron, metal powders, zircon, and rutile; uranium; iron ore; and thermal coal, and coking or metallurgical coal. Rio Tinto has operations in Australia, North America, Asia, Europe, Africa, and South America. At all relevant times, Rio Tinto has held a significant stake in the Simandou iron mine, located in southern Guinea.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Rio Tinto violated anti-corruption laws in connection with its operations with respect to the Simandou project; (ii) the foregoing violations would expose the Company to significant scrutiny and large fines; and (iii) as a result of the foregoing, Rio Tinto’s public statements were materially false and misleading at all relevant times.
On February 28, 2017, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on May 30. Defendants filed a Motion to Dismiss the amended Complaint on September 11. On August 31, 2018, the Court issued an Order granting Defendants' Motion to Dismiss.