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On November 9, 2016, Rio Tinto announced that on August 29, 2016, the Company "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 launched an investigation led by external counsel, contacted U.K. and U.S. authorities, and suspended its Energy and Minerals chief executive Alan Davies. The Company's Legal & Regulatory Affairs group executive Debra Valentine also stepped down from her role. On November 15, 2016, the Financial Times published an article alleging that external counsel for Rio Tinto learned about these emails through external counsel approximately one year ago, and that external counsel had reported the emails to Debra Valentine.
On this news, Rio Tinto's share price fell $1.52, or 3.83%, to close at $38.13 on November 15, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP