Paul, Weiss is widely recognized as having one of the nation’s preeminent securities litigation and regulatory practices. For two decades, our lawyers have guided global corporations and financial institutions through a series of “bet-the-company” securities-related crises, consistently reducing or eliminating their most damaging claims and negotiating favorable resolutions.
Judge Dismisses Securities Class Action Against Turquoise Hill
- Client News
- December 16, 2014
Judge Lorna G. Schofield dismissed a securities action lawsuit filed in the Southern District of New York against Paul, Weiss client Turquoise Hill Resources (TRQ) and certain of its officers and directors. The lawsuit sought to recover damages from TRQ, a mining company with a copper and gold mine in Mongolia, based on alleged misstatements about TRQ's financial performance arising out of a change to revenue recognition practices by its partially owned subsidiary, South Gobi Resources, Ltd., which operates a coal mine in Mongolia. Paul, Weiss successfully argued that the complaint had failed to adequately allege scienter on the part of TRQ or its executives. Judge Schofield found that the plaintiff's allegations "do not support an inference that this error was intentional" or that TRQ or the individual defendants "furthered the error, condoned it or were even aware of it until steps to review and ultimately correct it began."
The Paul, Weiss team included litigation partner Richard Rosen and counsel Robert Kravitz; and corporate partner Ted Maynard.