Dismissed the consolidated putative securities Class Action Turquoise Hill Announces Dismissal of US Class Action Lawsuit
VANCOUVER, BC --(Marketwired - December 17, 2014) - Turquoise Hill Resources (NYSE: TRQ) (NASDAQ: TRQ)(TSX: TRQ) today announced that on December 16, 2014, United States District Court Judge Lorna G. Schofield dismissed the consolidated putative securities class action lawsuit that had been filed in the Southern District of New York against the Company and certain of its officers and directors in December 2013.
The lawsuit sought to recover damages that it claimed were attributable to alleged misstatements about the Company's financial performance arising out of revisions to its recognition of revenue on coal sales made by its partially-owned subsidiary, SouthGobi Resources, Ltd., as previously disclosed on November 8, 2013.
In her opinion, Judge Schofield found that the plaintiff's allegations "do not support an inference that this error was intentional" or that the Company or the individual defendants "furthered the error, condoned it or were even aware of it until steps to review and ultimately correct it began."