On November 9, 2016, Rio Tinto said that on August 29, 2016, it "became aware of email correspondence from 2011 relating to contractual payments totaling US$10.5 million made to a consultant providing advisory services on the Simandou project in Guinea." Rio Tinto began an investigation led by external counsel, contacted U.K. and U.S. authorities, and suspended Alan Davies, chief executive of Energy and Minerals. Debra Valentine, an executive of Rio Tinto's Legal & Regulatory Affairs group also resigned. On November 15, 2016, the Financial Times issued an article alleging that the external counsel that investigated Rio Tinto discovered these emails through about a year ago, and they had had reported these emails to Debra Valentine. Following this news, Rio Tinto's stock dropped $1.52 per share, or 3.83%, to close at $38.13 on November 15, 2016.
If you are aware of any facts relating to this investigation, or purchased Rio Tinto shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/rio. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
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