LOS ANGELES–(BUSINESS WIRE)–$TRQ #classaction—The Law Offices of Frank R. Cruz announces an investigation of Turquoise Hill Resources Ltd. (“Turquoise Hill” or the “Company”) (NYSE: TRQ) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On February 26, 2019, the Company announced in a press release that, while “the [Oyu Tolgoi] project cost was expected to remain within the $5.3 billion budget,” a review had determined that “there was an increasingly likely risk of a further delay to sustainable first production beyond Q3‘21.” Turquoise Hill attributed the “likely risk” to productivity setbacks in completing Shaft 2 and “challenging ground conditions that have had a direct impact on the project’s critical path.”
On this news, the Company’s share price fell $0.27, or approximately 13%, to close at $1.83 per share on February 27, 2019, thereby injuring investors.
Then, on July 15, 2019, Turquoise Hill announced that sustainable first production from the underground development of Oyu Tolgoi would now be delayed by another 9 to 21 months until May 2022 to June 2023. The Company also stated that “the development capital spend for the project may increase by $1.2 to $1.9 billion over the $5.3 billion previously disclosed.”
On this news, the Company’s share price fell $0.47, or 44%, to close at $0.60 per share on July 16, 2019, thereby injuring investors further.
Then, on July 31, 2019, after the market closed, Turquoise Hill disclosed that it had taken a $600 million impairment charge and a significant “deferred income tax recognition adjustment” tied to the Oyu Tolgoi project, and that it had suffered a loss in the second quarter.
On this news, the Company’s share price fell $0.05, or over 8%, to close at $0.53 per share on August 1, 2019, thereby injuring investors further.
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If you purchased Turquoise Hill securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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