U.S. Federal Court Dismisses Pentwater Class Action Against Turquoise Hill
14 Septiembre 2022 - 7:00AM
Business Wire
Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ) (“Turquoise
Hill” or the “Company”) announces that a federal court in New York
has dismissed all claims made against the Company and three of its
current or former executives in a putative class action, backed by
Pentwater Capital Management LP (“Pentwater’), filed in October
2020.
The lead plaintiff in the case, a group of private investment
funds advised by Pentwater (the “Pentwater Funds”), alleged in its
complaint that the Company and three of its executives had violated
United States securities laws by making false or misleading
statements about the progress and expected cost of the development
of the Oyu Tolgoi underground mine in Mongolia. The Pentwater Funds
brought the claims on behalf of a putative class of investors who
purchased Turquoise Hill securities from July 17, 2018, to July 31,
2019, in the United States.
On September 2, 2022, the federal judge presiding over the
litigation issued a 134-page ruling granting in full Turquoise
Hill’s motion to dismiss all of the claims asserted against both
the Company and its three executives, ruling that the claims were
not adequately pleaded and failed to state a claim for relief. The
case was captioned In re Turquoise Hill Resources, Ltd. Securities
Litigation, 20-cv-08585 (LJL), and was filed in the United States
District Court for the Southern District of New York.
Paul, Weiss, Rifkind, Wharton & Garrison LLP represented the
Company in the action.
Forward-looking statements and forward-looking
information
Certain statements made herein, including statements relating to
matters that are not historical facts and statements of the
Corporation’s beliefs, intentions and expectations about
developments, results and events which will or may occur in the
future, constitute “forward-looking information” within the meaning
of applicable Canadian securities legislation and “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements and information relate to future events
or future performance, reflect current expectations or beliefs
regarding future events and are typically identified by words such
as “anticipate”, “believe”, “could”, “estimate”, “expect”,
“intend”, “likely”, “may”, “plan”, “seek”, “should”, “will” and
similar expressions suggesting future outcomes or statements
regarding an outlook.
Forward-looking statements and information are made based upon
certain assumptions and other important factors that, if untrue,
could cause the actual results, performance or achievements of the
Corporation to be materially different from future results,
performance or achievements expressed or implied by such statements
or information. There can be no assurance that such statements or
information will prove to be accurate. Such statements and
information are based on numerous assumptions regarding present and
future business strategies, local and global economic conditions,
and the environment in which the Corporation will operate in the
future.
Readers are cautioned not to place undue reliance on
forward-looking information or statements. By their nature,
forward-looking statements involve numerous assumptions, inherent
risks and uncertainties, both general and specific, which
contribute to the possibility that the predicted outcomes will not
occur. Events or circumstances could cause Turquoise Hill’s actual
results to differ materially from those estimated or projected and
expressed in, or implied by, these forward-looking statements.
Important factors that could cause actual results to differ from
these forward-looking statements are included in the “Risk Factors”
section in Turquoise Hill’s Annual Information Form for the year
ended December 31, 2021 (the “AIF”), as supplemented by the “Risks
and Uncertainties” section of Turquoise Hill’s Interim Management’s
Discussion and Analysis for the second quarter ended June 30, 2022
(“Q2’22 MD&A”).
Readers are further cautioned that the list of factors
enumerated in the “Risk Factors” section of the AIF and in the
“Risks and Uncertainties” section of the Q2’22 MD&A that may
affect future results is not exhaustive. When relying on Turquoise
Hill’s forward-looking statements and information to make decisions
with respect to Turquoise Hill, investors and others should
carefully consider the foregoing factors and other uncertainties
and potential events. Furthermore, the forward-looking statements
and information contained herein are made as of the date of this
document and Turquoise Hill does not undertake any obligation to
update or to revise any of the included forward-looking statements
or information, whether as a result of new information, future
events or otherwise, except as required by applicable law. The
forward-looking statements and information contained herein are
expressly qualified by this cautionary statement.
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Vice President Investors Relations and Communications Roy
McDowall roy.mcdowall@turquoisehill.com Follow us on Twitter
@TurquoiseHillRe
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