NEW ORLEANS, Nov. 10, 2017 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until December 22, 2017 to file lead plaintiff applications in a securities class action lawsuit against Rio Tinto PLC (NYSE: RIO), if they purchased the Company's American Depositary Receipts ("ADRs") between October 23, 2012 and February 15, 2013, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased ADR's of Rio Tinto and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or visit http://ksfcounsel.com/cases/nyse-rio/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by December 22, 2017.
About the Lawsuit
Rio Tinto and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On October 17, 2017, an SEC complaint charged that as early as August 2012 the Company knew that various developments had rendered its coal assets in Mozambique ("RTCM") worthless (reportedly -$680 million), yet did not publicly disclose that fact, continued to publicly tout RTCM's value to investors, and continued to significantly overvalue it. On February 15, 2013, the Company filed its Form 6-K, reporting an 80% write-down, or $2.86B, for the asset.
On this news, the price of Rio Tinto's shares plummeted.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
206 Covington St.
Madisonville, LA 70447
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SOURCE Kahn Swick & Foti, LLC