Market Newsdesk

LOS ANGELES, Dec. 09, 2020 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming December 22, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Innate Pharma SA (“Innate” or the “Company”) (NASDAQ: IPHA) securities between March 10, 2020 and September 8, 2020, inclusive (the “Class Period”).

If you suffered a loss on your Innate investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/innate-pharma-sa/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

On October 23, 2018, Innate and AstraZeneca plc (“AstraZeneca”) announced an expansion of a pre-existing collaboration agreement, whereby AstraZeneca acquired 9.8% equity stake in Innate and obtained full oncology rights to monalizumab, a first-in-class humanized anti-NKG2A antibody. As part of this agreement, Innate would receive $100 million in milestone payments at the start of the first Phase 3 clinical trial for monalizumab. 

On September 8, 2020, Innate announced that it had amended its collaboration agreement with AstraZeneca. Innate “will now receive a $50 million payment upon AstraZeneca’s dosing of the first patient in the Phase 3 trial, and a $50 million payment after the interim analysis demonstrates the combination meets a pre-defined threshold of clinical activity.” 

On this news, the Company’s American Depositary Share (“ADS”) price fell $1.62 per share, or 26.6%, to close at $4.45 per ADS on September 8, 2020.

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 Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Innate touted the results of their various Phase 2 trials as being within expectations; (2) Innate continued to reassure investors that they were eligible for the $100 million payment upon first dosing of Phase 3 trials; (3) Innate failed to timely disclose their renegotiations with AstraZeneca to split the $100 million payment into two $50 million payments, to be partially contingent on performance during the Phase 3 trials; and (4) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Innate securities during the Class Period, you may move the Court no later than December 22, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased. 

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
www.glancylaw.com
[email protected]

BENSALEM, Pa., Dec. 09, 2020 (GLOBE NEWSWIRE) — Law Offices of Howard G. Smith reminds investors that class action lawsuits have been filed on behalf of shareholders of the following publicly-traded companies. Investors have until the deadlines listed below to file a lead plaintiff motion.

Investors suffering losses on their investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in these class actions at 888-638-4847 or by email to [email protected].

HP Inc. (NYSE: HPQ)
Class Period: November 6, 2015 – June 21, 2016
Lead Plaintiff Deadline: January 4, 2021

The complaint filed in this class action 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 Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that HP’s channel inventory management and sales practices resulted in the sale of supplies to customers that did not need or want the product in order to artificially increase revenues and profits; (2) that HP’s channel inventory management and sales practices resulted in the sale of supplies to customers outside of designated regions at unsustainable discounts in order to artificially increase revenues and profits; (3) that HP’s channel inventory management and sales practices resulted in the sale of supplies at steep discounts to customers to encourage those customers to sell the supplies further down the supply channel, out of HP’s inventory management metrics; and (4) that, as a result of the foregoing, Defendants’ statements about the Company’s business condition and prospects were materially false and misleading when made. 

Intercept Pharmaceuticals, Inc. (NASDAQ: ICPT)
Class Period: September 28, 2019 – October 7, 2020
Lead Plaintiff Deadline: January 4, 2021

The complaint filed in this class action 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 Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Defendants downplayed the true scope and severity of safety concerns associated with Ocaliva’s use in treating PBC; (2) the foregoing increased the likelihood of an FDA investigation into Ocaliva’s development, thereby jeopardizing Ocaliva’s continued marketability and the sustainability of its sales; (3) any purported benefits associated with OCA’s efficacy in treating NASH were outweighed by the risks of its use; (4) as a result, the FDA was unlikely to approve the Company’s NDA for OCA in treating patients with liver fibrosis due to NASH; and (5) as a result of all the foregoing, the Company’s public statements were materially false and misleading at all relevant times.

Neovasc Inc. (NASDAQ: NVCN)
Class Period: October 10, 2018 – October 27, 2020
Lead Plaintiff Deadline: January 5, 2021 

Shareholders with $


5


00,000 losses or more are encouraged to contact the firm

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 Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the results of COSIRA, Neovasc’s clinical study for the Reducer, contained imbalances in missing information present in the control group versus the treatment group, including significant missing information for secondary endpoints but none for the primary endpoint; (2) that the imbalance in missing information indicated that control subjects were aware of their treatment assignment (not blinded) and less inclined to participate in additional data collection; (3) that blinding is critical when studying a placebo-responsive condition such as angina; (4) that the lack of blinding assessment made the primary endpoint difficult to interpret; (5) that, as a result of the foregoing, the FDA was reasonably likely to require additional premarket clinical data; (6) that, as a result, the Company’s PMA for Reducer was unlikely to be approved without additional clinical data; and (7) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Interface, Inc. (NASDAQ: TILE)
Class Period: March 2, 2018 – September 28, 2020
Lead Plaintiff Deadline: January 11, 2021

The complaint filed in this class action 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 Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Interface had inadequate disclosure controls and procedures and internal control over financial reporting; (2) consequently, Interface, inter alia, reported artificially inflated income and EPS in 2015 and 2016; (3) Interface and certain of its employees were under investigation by the SEC with respect to the foregoing issues since at least as early as November 2017, had impeded the SEC’s investigation, and downplayed the true scope of the Company’s wrongdoing and liability with respect to the SEC investigation; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.

To be a member of these class actions, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about these class actions, or if you 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 to [email protected], 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.

Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com

RENO, Nev., Dec. 09, 2020 (GLOBE NEWSWIRE) — Talage, a provider of digital distribution software solutions for commercial insurance, is pleased to announce that the company is investing in customer experience with the hiring of two new account executives.

The ongoing pandemic continues to present challenges for individuals and businesses alike, and insurance agents and companies are no exception. Automation of traditionally manual processes provides opportunities for increased efficiencies and affords those in work-from-home (WFH) situations the ability to continue with business as usual.

“We are finding there is great demand from insurance agents to be able to sell and service small commercial accounts more profitably,” said Adam Kiefer, CEO of Talage. “By adding to our account management team, we intend to provide more bandwidth to those needing help automating agency processes and moving to a digital purchasing process for small business customers.”

Catie Gaddam joins the Talage team as a senior account executive. Based in Chicago, she will focus on identifying potential customers and go-to-market strategies, while also meeting with existing and potential clients to discuss goals, objectives, and needs. She will lead Talage’s development of proposals, and manage the contract process to close agreements, build strong, long-term client relationships, get feedback, and suggest ways to increase customer engagement.

“I am so excited to begin my journey with a new, cutting edge company that offers a product I am confident will not only dominate within the insurance industry but change the nature completely,” said Gaddam.

Jonny Parkman joins the Talage team as an account executive with a focus on leading clients through the sales cycle from prospecting and Wheelhouse demos to closing deals. Based in Silicon Valley, Parkman has strong knowledge of technology solutions and sales, and is keen on helping to grow the customer base for the Wheelhouse platform.

Talage’s Wheelhouse platform streamlines the insurance purchasing process for small businesses by providing a digital solution for online checkouts via user-friendly agent portals, as well as additional tools which support agency automation and elimination of manual processes. Through Wheelhouse, Talage increases profitability in the small commercial segment by optimizing agent-customer interactions and decreasing the quote-to-bind timeline.

For more information about Talage or Wheelhouse, please visit the company’s recently redesigned website at

www.talageins.com

.

About
Talage

Talage develops digital distribution software solutions for commercial insurance that transform the insurance quoting process for agents and carriers. Talage’s Wheelhouse technology empowers property and casualty (P&C) agents to sell small business coverages via any channel, allows carriers to more effectively use APIs, and automates manual processes for increased productivity. For more information, please visit www.talageins.com.

Media Contact:

Jennifer Overhulse
St. Nick Media Services
[email protected]
859-803-6597

LOS ANGELES, Dec. 09, 2020 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming December 15, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Evolus, Inc.(“Evolus” or the “Company”) (NASDAQ: EOLS) securities between February 1, 2019 and July 6, 2020, inclusive (the “Class Period”).

If you suffered a loss on your Evolus investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/evolus-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

Evolus is a direct competitor with Botox, which is manufactured by Allergan plc and Allergan Inc. (collectively, “Allergan”) and distributed by Medytox Inc. (“Medytox”). Botox has been the gold standard of the industry since its approval by the U.S. Food and Drug Administration (“FDA”) more than twenty years ago. 

On July 6, 2020, the Initial Final Determination was issued by the U.S. International Trade Commission (“ITC”) in a case brought by Allergan and Medytox against Evolus, asserting that Evolus stole certain trade secrets to develop Jeuveau™. The ITC Judge determined that the Company misappropriated the botulinum toxin strain as well as the manufacturing processes that led to its development and manufacture. As a result, the ITC Judge recommended a ten-year long ban on the Company’s ability to import Jeuveau™ into the United States and a ten-year long cease and desist order preventing Evolus from selling Jeuveau™ in the United States.

On this news, the Company’s share price declined significantly, falling 37% over the course of two trading days, to close at $3.35 on July 8, 2020, thereby injuring investors.

The complaint filed in this class action 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 Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the real source of botulinum toxin bacterial strain, along with the manufacturing processes used to develop Jeuveau, originated with and were misappropriated from Medytox; (2) sufficient evidentiary support existed for the allegations that the Company misappropriated certain trade secrets relating to the botulin toxin strain and the manufacturing processes for the development of Jeuveau; (3) as a result, the Company faced a real threat of regulatory and/or court action, barring the import, marketing, and sale of Jeuveau; which in turn (4) seriously threatened Evolus’ ability to commercialize Jeuveau in the United States and generate revenue; and (5) any revenues generated from the sale of Jeuveau were based on Evolus’ unlawful actions, including the misappropriation of trade secrets and secret manufacturing processes belonging to Allergan and Medytox; and (6) that, as a result, the Company’s public statements were materially false and misleading at all relevant times.

If you purchased or otherwise acquired Evolus securities during the Class Period, you may move the Court no later than December 15, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

Follow us for updates on LinkedIn, Twitter, or Facebook.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
www.glancylaw.com
[email protected]

Phoenix, AZ, Dec. 09, 2020 (GLOBE NEWSWIRE) — Accumen is helping healthcare get better, faster. Today, 3DR Labs, an Accumen Company, announced that it is now offering an artificial intelligence (AI) solution for diagnosing chronic lung disease through a new partnership with Imbio. 3DR Labs customers will have access to Imbio’s AI imaging technology effective immediately.

Imbio transforms standard medical images into rich visual maps of a patient’s condition alongside quantitative reports that provide physicians with detailed data about the type and extent of abnormalities found. This technology helps physicians to identify issues that may not be immediately visible in the images, allowing them to make prompt, appropriate treatment decisions for their patients with chronic lung and thoracic conditions.

“We are excited to partner with Imbio to bring AI-powered algorithms for image analyses to 3DR’s hospital customers. As health system resources continue to be strained by the COVID-19 pandemic, critical conditions may unfortunately be missed by the human eye and not be diagnosed until the patient experiences a future exacerbation or readmission. Imbio’s technology provides radiologists with another powerful resource to ensure that the diagnosis occurs, and treatment begins, as early in the disease progression as possible,” said Dr. Rob Falk, chief medical officer at 3DR Labs.

3DR Labs is the largest, most respected 3D medical post-processing lab in the nation with more than 900 hospital clients. 3DR Labs processes more than 300,000 scans per year through its AHRT trained radiologic technologists, all based in the United States. The lab is open 7 days a week, 24 hours a day, 365 days a year.

As part of Accumen’s continuing efforts to support hospitals and health systems nationally, it also regularly adds new resources to its COVID-19 Resource Center at https://accumen.com/covid-19/#accumenresponsetools. Resources include laboratory, imaging, and supply chain rapid response tools, as well as personal protective equipment and swab or saliva testing kits available for order through Accumen’s U.S.-based manufacturing partners.

About Imbio

Imbio is a leader in fully-automated AI image analysis for acute and chronic pulmonary and cardiothoracic conditions. Imbio’s solutions transform the way patients are discovered, diagnosed and treated, enabling physician productivity and more personalized care for patients. Imbio’s solutions are fully automated, regulatory cleared and available through our global partners.  For more information, please visit www.imbio.com.

About Accumen Inc.

At Accumen, our focus is helping healthcare get better, faster. Accumen is a technology enabled organization that partners with hospital, health system, commercial laboratory, and payer clients, to provide strategic solutions and services that deliver sustainable performance improvements. Our offerings include lab and imaging transformation, consulting, supply chain optimization, lab outreach, 3D post-processing, patient blood management, test utilization, anemia management, and clinical data exchange. Accumen’s offerings enable our clients to achieve and exceed their cost, quality, and service targets, as well as deliver excellent patient care through evidence-based data and clinical decision support capabilities. Find out more at Accumen.com.

Disclaimer: Accumen has no authority, responsibility, or liability with respect to any clinical decisions made by – or in connection with – a provider’s laboratory, patient blood management, or other operations. Nothing herein and no aspect of any services provided by Accumen is intended – or shall be deemed – to subordinate, usurp, or otherwise diminish any providers’ sole authority and discretion with respect to all clinical decision-making for its patients.

SAN FRANCISCO, Dec. 09, 2020 (GLOBE NEWSWIRE) — GitLab, the DevOps platform delivered as a single application, announced today that it has been named a Representative Vendor in the Gartner Market Guide DevOps Value Stream Delivery Platforms, which recognizes DevOps Value Stream Delivery Platforms (VSDP) as an emerging category in the software marketplace. To us, this recognition further validates GitLab’s position as a pioneer in the emerging market of DevOps platforms.

According to Gartner, “VSDPs provide a unified platform to reduce the complexity of integrating pipeline activities across the application development value stream. This value stream comprises the sequence of activities to deliver customer value using agile and DevOps practices.”

What began as a combination of GitLab’s Source Code Management and Continuous Integration offerings has grown into a robust platform supporting every stage of the application delivery value stream. This single platform approach has allowed GitLab to quickly iterate and evolve to include new value-added features, such as continuous delivery, application release orchestration, infrastructure automation, dynamic application security testing (DAST), and fuzz testing.

“We believe the creation of this emerging category, and GitLab’s recognition as a Representative Vendor in this Gartner Market Guide, validates its position as the original complete DevOps platform,” said Sid Sijbrandij, CEO and Co-Founder of GitLab. According to Gartner, “By 2023, 40% of organizations will have switched from multiple point solutions to DevOps value stream delivery platforms to streamline application delivery, versus less than 10% in 2020.” Sijbrandij continues, “We believe this is a clear signifier that our customer community, and the customers of our Representative Vendor counterparts, are ahead of the curve and positioned for success.”

As a result of the sudden transition to remote work in 2020, development teams across the globe have come to know the challenges of creating scalable, secure DevOps environments, while also trying to reduce the costs of infrastructure and operations. As one of the world’s largest, all-remote companies since its founding in 2011, GitLab was created to handle these challenges through every step of the DevOps lifecycle. Today, the company continues to build on the industry’s most comprehensive DevOps platform while working to provide the best user experience and end-to-end visibility at every stage of the DevOps lifecycle.

To download the full report, click here. To learn more about GitLab’s journey to becoming a VSDP, click here.

Source: Gartner, “Market Guide for DevOps Value Stream Delivery Platforms,” Manjunath Bhat, Hassan Ennaciri, Chris Saunderson, Daniel Betts, Thomas Murphy, Joachim Herschmann, September 28, 2020

Gartner Disclaimer

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About GitLab

GitLab is a DevOps platform built from the ground up as a single application for all stages of the DevOps lifecycle enabling Product, Development, QA, Security, and Operations teams to work concurrently on the same project. GitLab provides a single data store, one user interface, and one permission model across the DevOps lifecycle. This allows teams to significantly reduce cycle times through more efficient collaboration and enhanced focus.

Built on Open Source, GitLab works alongside its growing community, which is composed of thousands of developers and millions of users, to continuously deliver new DevOps innovations. More than 100,000 organizations from startups to global enterprises, including Ticketmaster, Jaguar Land Rover, NASDAQ, Dish Network, and Comcast trust GitLab to deliver great software faster. All-remote since 2014, GitLab has more than 1,300 team members in 68 countries.

Media Contact

Jennifer Leslie
GitLab
[email protected]

BENSALEM, Pa., Dec. 09, 2020 (GLOBE NEWSWIRE) — Law Offices of Howard G. Smith reminds investors of the upcoming December 14, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Loop Industries, Inc. (“Loop” or the “Company”) (NASDAQ: LOOP) securities between September 24, 2018 and October 12, 2020, inclusive (the “Class Period”).

Investors suffering losses on their Loop 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 [email protected].

On October 13, 2020, Hindenburg Research published a report alleging, among other things, that “Loop’s scientists, under pressure from CEO Daniel Solomita, were tacitly encouraged to lie about the results of the company’s process internally.” The report also stated that “Loop’s previous claims of breaking PET down to its base chemicals at a recovery rate of 100% were ‘technically and industrially impossible,’” according to a former employee. Moreover, the report alleged that “Executives from a division of key partner Thyssenkrupp, who Loop entered into a ‘global alliance agreement’ with in December 2018, told us their partnership is on ‘indefinite’ hold and that Loop ‘underestimated’ both costs and complexities of its process.”

On this news, Loop’s share price fell $3.78, or over 32%, to close at $7.83 per share on October 13, 2020, thereby damaging investors.

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 Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Loop scientists were encouraged to misrepresent the results of Loop’s purportedly proprietary process; (2) that Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) that, as a result, the Company was unlikely to realize the purported benefits of Loop’s announced partnerships with Indorama and Thyssenkrupp; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

If you purchased Loop 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 to [email protected], 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.

Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com

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 [email protected].

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 Q3‘21.” 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 project’s critical path.”

On this news, the Company’s 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 Company’s 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 Company’s 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 Company’s 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 Company’s 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 Company’s 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 to [email protected], 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.

Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com