22 Dec Turquoise Hill Ressources Ltd – Securities Class Action
Date of Initial Application: December 22, 2020
LEX GROUP Inc. has teamed up with the law firm of Financial Litigation to launch a class action lawsuit against Turquoise Hill Resources Ltd. (hereinafter “Turquoise Hill” or the “Company” or “TRQ”) and certain of its current and former directors and officers, on behalf of all persons and entities wherever they may reside or may be domiciled who during the period of time from July 31, 2018 to July 31, 2019 inclusively (hereinafter the “Class Period”) purchased Turquoise Hill’ 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:
(1) are or were residents of Canada (regardless over which exchange they acquired Turquoise Hill’s securities); or
(2) acquired Turquoise Hill’s securities in the secondary market in Canada or elsewhere other than in the United States.
The proposed class action alleges that Turquoise Hill and the individual respondents made misrepresentations and omissions of material facts 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 located in Mongolia. Specifically, the proposed class action alleges that Turquoise Hill and the individual respondents 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 representing to investors, because among other reasons, whistleblowers had expressly told Turquoise Hill’s controlling shareholder about the cost overruns and delays.
Accordingly, if you acquired Turquoise Hills securities during the Class Period in Canada or anywhere other than in the United States, or if you are a Canadian resident who acquired Turquoise Hill’s securities in the United States, you may be part of the proposed class defined by the class action initiated by our office and Financial Litigation. Should you be defined as a member of the Class, you may be entitled to compensation should the Court authorize and ultimately grant the class action on the merits, or should a settlement be reached (and approved by the Court).
Please fill out the form below if you wish to be kept informed of the progress of this case.
If you wish to be kept informed and/or receive notification of major judgments rendered or notices in this case, please complete the form below. Please note that providing your information in the form below creates no financial obligation for you and it does not create a lawyer/client relationship between yourself and Lex Group Inc. or Financial Litigation (or any of their attorneys). You will not be charged any fees or costs for signing up to this class action since our firms are only paid on a contingency basis from the potential compensation recovered in this file, if the class action is successful by way of final judgment or settlement approved by the Court.
Please be advised that the group definition of the people to be included in this class action may be changed or modified in the future by Court decision or by way of amendment filed by our firm. We will not inform you or other members of the public if and when the group definition is changed. It is therefore your sole responsibility to ensure that your own personal rights and recourses are being protected at all times during the course of these proceedings. You may therefore wish to seek independent legal counsel in order to determine whether it would be in your best interest to pursue independent litigation in this matter (or any other matter), and to determine if you can potentially be included in this case if a final judgment is rendered or if a settlement is reached and approved by the Court.
By signing up to this class action, you are merely asking our firms to include you in our list of potential members in this class action, but our firm are not agreeing to represent your personal interests. If a final judgment is rendered in this case, or if a settlement is reached (and approved by the Court), an e-mail may be sent to you and the relevant information may be posted on this website. The Court will determine the manner and extent of any future notifications to class members.
Be advised that the information you provide will be included in our list of potential class members for this case, which list may be shared with and disclosed to the Courts and/or other parties in this action (at our discretion). Rest assured that any such disclosure will be done in such a manner as to protect your personal information and confidentiality from unauthorized use, disclosure or publication.
Finally, be advised that the above-description and summary of the case is being posted on this website for your convenience. However, in case of conflict between the information on this website and the actual proceedings, documents, and/or judgments in the Court record of this case, the official Court record documents will prevail. We have for your convenience posted on this webpage certain scanned copies of the several relevant documents from the Court record, including the initial application for authorization to institute a class action which describes the case in much more detail. You should therefore consult these documents as well as consult this website periodically in order to be kept informed.