Active Cases

This case relates to a allegations that Rio Tinto plc and Rio Tinto Limited and certain of its directors made material misrepresentations and omissions between 2018 and 2019 in connection to the business of Turquoise Hill, including misstatements concerning the development of the Oyu Tolgoi mine in Mongolia and related delays and cost overruns. Turquoise Hill Resources Ltd. has settled the case for $138.75 million to redress damages caused to investors.

The case had its roots in materially false and misleading statements and/or omissions whereby the Equinix, Inc. failed to disclose that it had manipulated its financial accounting to reduce maintenance capital expenses, in order to artificially inflate its reported Adjusted Funds from Operations. In addition it is further alleged that Equinix oversold power capacity at its datacenters and did not warn of the risks associated with this practice or the limits it placed on the Company’s growth prospects. Equinix, Inc. has deposited a compensation fund consisting of $41.5 million to redress damages caused to investors between 2019 and 2024.

EQT, Corp. has deposited a fund consisting of $167,5 million to resolve allegations by some investors that EQT and certain of its officers and directors made false and misleading statements between 2017 and 2019 regarding EQT’s drilling performance and capability, as well as the purported benefits of EQT’s acquisition of Rice.

General Electric (GE) agreed to a $362.5 million settlement to resolve a class action alleging accounting fraud between 2015–2018. Investors claimed GE misled them by overstating profits in its power and insurance divisions, triggering a 75% stock plunge. The deal compensates shareholders without admitting guilt, as GE restructured into three companies.  

The case arose from certain false and misleading statements about Sea Ltd’s business prospects regarding the sustainability of Garena’s growth (whose flagship game “free fire” faced declining users); Shopee’s profitability and Expansion costs, as the company aggressively spent on global growth; and the impact of rising competition and macroeconomic pressures.