This is a proposed securities class action against Turquoise Hill Resources Ltd. and certain of its current and former directors and officers. This class action alleges that Turquoise Hills and the Individual Defendants made misrepresentations and failed to make timely disclosure of material changes with regards to the expected cost and timing for the underground expansion of Turquoise Hill’s Oyu Tolgoi Mine in Mongolia.
Specifically, this lawsuit alleges that Turquoise Hill and the Individual Defendants knew or should have known that the underground expansion of the Oyu Tolgoi Mine would cost over a billion dollars more and take years longer than the Company was publicly representing to investors, because among other reasons, whistleblowers had expressly told Turquoise Hill’s controlling shareholder (Rio Tinto) about the cost overruns and delays.
Class Membership Criteria
This class action is brought on behalf of all persons and entities (except certain Excluded Persons), wherever they may reside or may be domiciled, who during the period of time from July 31, 2018 to and including July 31, 2019 purchased Turquoise Hill’s securities in the secondary market and held some or all of those securities until after July 15, 2019 and/or July 31, 2019, and who either:
- are or were residents of Canada (regardless over which exchange they acquired their Turquoise Hill securities); or
- acquired Turquoise Hill’s securities in the secondary market in Canada or elsewhere, other than in the United States.