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Case Status:    ONGOING    
On or around 10/16/2020 (Date of last review)

Filing Date: October 14, 2020

According to the Complaint, Turquoise Hill Resources Ltd. is an international mining company focused on the operation and development of the Oyu Tolgoi copper-gold mine in Southern Mongolia, which is the Company’s principal and only material resource property. Oyu Tolgoi is a combined open pit and underground mining project in the Khanbogd sum, or district, in Mongolia, located in the south Gobi Desert. The site was discovered in 2001 and is currently being developed as a joint venture between Turquoise Hill, which has a 66% ownership stake in the mine, and the Mongolian government, which has a 34% stake.

The Complaint alleges that, during the Class Period, the Defendants violated the federal securities laws by making materially false and misleading statements and failing to disclose material facts regarding the development of the Oyu Tolgoi copper-gold mine. Among other things, the Complaint alleges that Defendants failed to disclose that the progress of underground development of Oyu Tolgoi was not proceeding as planned; that there were significant undisclosed underground stability issues that called into question the design of the mine; that the publicly disclosed estimates of the cost, completion and production dates from the underground mine were not achievable; and that, later in the Class Period, “challenging ground conditions” at the site were much more severe than Defendants represented, and made it impossible for Turquoise Hill and Rio Tinto to achieve their estimates.

On October 15, 2020, Plaintiff filed a corrected Complaint.

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 #: 20-CV-08585
JUDGE: Hon. Lewis J. Liman
DATE FILED: 10/14/2020
CLASS PERIOD START: 07/17/2018
CLASS PERIOD END: 07/31/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hach Rose Schirripa & Cheverie LLP
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available