Turquoise Hill, Rio Tinto Want Investor Suit on Mine Tossed

摘要

Turquoise Hill Resources Ltd. investors who accuse it and majority owner Rio Tinto PLC of misleading them about a Mongolian mine failed to allege wrongdoing, so their suit should bethrown out, the companies said in federal court in New York.Investors allege Turquoise Hill and Rio Tinto misled them about progress on the Oyu Tolgoi copper-gold mine. But the challenged statements aren’t actionable, and the would-be classcomplaint didn’t sufficiently allege an intent to deceive, according to two memos filed in the U.S. District Court for the Southern District of New York in support of the companies’ motionsto dismiss.Many of the challenged statements are forward-looking and fall within the Private Securities Litigation Reform Act’s safe harbor, Turquoise Hill said. Others are opinions or puffery,according to the company’s memo. Rio Tinto similarly argued that none of its statements were materially misleading.