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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Turquoise Hill Resources Ltd.    TRQ   CA9004352071

TURQUOISE HILL RESOURCES LTD.

(TRQ)
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INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Turquoise Hill Resources Ltd. (TRQ) Investors

10/21/2020 | 12:01pm EST

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Turquoise Hill Resources Ltd. (“Turquoise Hill” or the “Company”) (NYSE: TRQ) common stock between July 17, 2018 and July 31, 2019, inclusive (the “Class Period”). Turquoise Hill investors have until December 14, 2020 to file a lead plaintiff motion.

Investors suffering losses on their Turquoise Hill investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On February 26, 2019, the Company announced in a press release that, while “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.” Turquoise Hill attributed the “likely risk” to productivity setbacks in completing Shaft 2 and “challenging ground conditions that have had a direct impact on the project’s critical path.”

On this news, the Company’s share price fell $0.27, or approximately 13%, to close at $1.83 per share on February 27, 2019, thereby injuring investors.

Then, on July 15, 2019, Turquoise Hill announced that 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. The Company also stated that “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, the Company’s share price fell $0.47, or 44%, to close at $0.60 per share on July 16, 2019, thereby injuring investors further.

Then, on July 31, 2019, after the market closed, Turquoise Hill disclosed that it had taken a $600 million impairment charge and a significant “deferred income tax recognition adjustment” tied to the Oyu Tolgoi project, and that it had suffered a loss in the second quarter.

On this news, the Company’s share price fell $0.05, or over 8%, to close at $0.53 per share on August 1, 2019, thereby injuring investors further.

The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the progress of underground development of Oyu Tolgoi was not proceeding as planned; (2) that there were significant undisclosed underground stability problems that called into question the design of the mine and the projected cost and timing of production; (3) the Company’s publicly released estimates of the cost, date of completion, and dates for production from the underground mine were not realizable; (4) the development capital required for the underground development of Oyu Tolgoi would cost significantly more than a billion dollars over what Turquoise Hill had represented; (5) the Company would require further financing and/or equity to complete the project; and (6) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

If you purchased Turquoise Hill common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania, 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

 


© Business Wire 2020
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Financials (USD)
Sales 2020 1 053 M - -
Net income 2020 195 M - -
Net Debt 2020 3 035 M - -
P/E ratio 2020 9,76x
Yield 2020 -
Capitalization 1 944 M 1 945 M -
EV / Sales 2020 4,73x
EV / Sales 2021 2,65x
Nbr of Employees 2 854
Free-Float 46,7%
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Technical analysis trends TURQUOISE HILL RESOURCES LTD.
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 6
Average target price 13,29 $
Last Close Price 9,66 $
Spread / Highest target 78,2%
Spread / Average Target 37,6%
Spread / Lowest Target -21,0%
EPS Revisions
Managers
NameTitle
Ulf Quellmann Chief Executive Officer & Non-Independent Director
Robert Peter Charles Gillin Chairman
Jo-Anne Dudley Chief Operating Officer
Luke Colton Chief Financial Officer
Russel C. Robertson Independent Director
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