GlobeNewswire Inc | Dec 9, 2020 12:00PM EST

December 09, 2020

BENSALEM, Pa., Dec. 09, 2020 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors of the upcoming December 14, 2020 to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Turquoise Hill Resources Ltd. (Turquoise Hill or the Company) (NYSE: TRQ) securities between July 17, 2018 and July 31, 2019, inclusive (the Class Period).

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 Q321. 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 projects critical path.

On this news, the Companys 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 Companys 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 Companys 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 Companys business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the progress of underground development of Oyu Tolgoi was not proceeding as planned; (2) 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 Companys 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 Companys business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

If you purchased Turquoise Hill securities, 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 tohowardsmith@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.

ContactsLaw Offices of Howard G. SmithHoward G. Smith, Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com