RSS Feed
October 25th, 2017 
Awake Goy 
nsnbc : The U.S.-American law firm Hagens Berman, based in Seattle, has filed a lawsuit against mining giant Rio Tinto over failed investment in a Mozambican coal project which has cost the mining giant billions of dollars
Mozambican coal (archives)
Hagens Bern reveled the class action on Monday, alleging defendants in the action made false and misleading statements and/or failed to disclose adverse information about the true value of Rio Tinto’s Mozambican coal investment made in 2011.
Rio Tinto acquired coal assets for $3.7 billion. However, the company’s plans for coal mining in the Mozambique hit major hurdles, the assets crumbled in value, and the miner sold them again in October 2014 for just US$50 million. Also named as defendants in the lawsuit are Rio Tinto’s former chief executive Tom Albanese and former chief financial officer Guy Elliott.
The Seattle-based Hagens Berman, which describes itself as “a national investor-rights law firm”. The firm has taken the action on behalf of purchasers of Rio Tinto plc American Depositary Receipts between October 23, 2012 and February 15, 2013.
The writ alleges: “Defendants’ wrongful conduct has inflicted significant damages on Rio Tinto investors.” The plaintiff is named as Anton Colbert. “This action concerns a fraud previously unknown to investors and only recently revealed by the SEC (Securities and Exchange Commission) in its complaint filed on October 17, 2017,” the writ says.
A/N – nsnbc 25.10.2017
Source Article from https://nsnbc.me/2017/10/25/u-s-law-firm-files-class-action-lawsuit-against-rio-tinto-over-losses-at-mozambican-coal-project/
Posted in 
Tags: 
