SAN FRANCISCO, Feb. 06, 2017 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Rio Tinto plc (NYSE:RIO) of the February 10, 2017 Lead Plaintiff deadline in the bribery-related securities class action lawsuit.
If you purchased or otherwise acquired securities of RIO between March 16, 2012 and November 14, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/RIO
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing RIO@hbsslaw.com.
On November 9, 2016 Rio Tinto alerted U.S. and U.K. regulatory authorities to 2011 emails concerning $10.5 million in payments made to a consultant related to its Simandou project in Guinea. Rio’s Energy & Materials CEO (Alan Davies), who was accountable for the Simandou project, was immediately suspended. On November 15, 2016 both Alan Davies and Rio’s Legal & Regulatory Affairs executive (Debra Valentine) were fired.
In addition, on December 12, 2016 BSG Resources Ltd. sent a “Letter Before Action” to Rio setting forth facts in support of its pre-suit claims that Rio’s alleged bribery conduct caused extensive losses and damages to BSG that it estimates “runs to billions of US dollars.”
Defendants also confirmed the SEC is investigating Rio’s accounting for certain other operations.
“We’re focused on the alleged bribery issues, the circumstances surrounding the firings of Davies and Valentine, and other possible accounting improprieties that would violate Federal securities laws,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Rio should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email RIO@hbsslaw.com.
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