130 0 Kommentare Notice of Lead Plaintiff Deadline for Shareholders in the Turquoise Hill Resources Ltd. Class Action Lawsuit - Seite 2

On February 26, 2019, Turquoise Hill shocked the financial markets by disclosing in a press release that, although “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.” In the press release, Turquoise Hill attributed the “likely risk” to productivity delays in completing Shaft 2 and “challenging ground conditions that have had a direct impact on the project’s critical path.” On this news, Turquoise Hill’s common stock price fell nearly 13%.

Then, on July 15, 2019, Turquoise Hill issued a press release announcing a further delay and that the underground project would cost substantially more than Turquoise Hill had repeatedly stated during the Class Period. 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, and “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, Turquoise Hill’s common stock price fell nearly 44%.

Finally, on July 31, 2019, Turquoise Hill disclosed that it had taken a $600 million impairment charge and a substantial “deferred income tax recognition adjustment” tied to the Oyu Tolgoi project, and that it had suffered a loss in the second quarter. The next day, Rio Tinto also revealed that it too had taken an impairment charge related to the Oyu Tolgoi project of $800 million. On this news, Turquoise Hill’s common stock price fell more than 8%, further damaging investors.

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