U.S. Federal Court Dismisses Pentwater Class Action Against Turquoise Hill

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Overig advies 14/09/2022 16:30
MONTREAL--(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.

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