NEW ORLEANS, Nov. 17, 2017 /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until December 22, 2017 to file lead plaintiff applications in a securities class action lawsuit against Rio Tinto PLC (NYSE: RIO), if they purchased the Company's American Depositary Receipts ("ADRs") between October 23, 2012 and February 15, 2013, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
Rio Tinto investors should visit us at https://www.claimsfiler.com/cases/view-rio-tinto-plc-american-depositary-receipts-securities-litigation or call to speak to our claim center toll-free at (844) 367-9658.
About the Lawsuit
Rio Tinto and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On October 17, 2017, an SEC complaint charged that as early as August 2012 the Company knew that various developments had rendered its coal assets in Mozambique ("RTCM") worthless (reportedly -$680 million), yet did not publicly disclose that fact, continued to publicly tout RTCM's value to investors, and continued to significantly overvalue it. On February 15, 2013, the Company filed its Form 6-K, reporting an 80% write-down, or $2.86B, for the asset.
On this news, the price of Rio Tinto's shares plummeted.
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