NEW YORK, April 23, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Teck Resources Limited (“Teck” or the “Company”) (NYSE: TECK). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Teck and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On April 9, 2020, minutes before market close, Canadian news website iPolitics published an article disclosing that Teck “has been accused of putting thousands of its employers in danger of contracting the novel coronavirus at its coal plant in the east Kootenary region of British Columbia.” According to the article, on April 5, 2020, an individual living near the coal mines “wrote a letter to the company’s management that said the working conditions inside the mine have ‘likely enabled the spread of COVID-19 amongst its employees and contractors, their families, and the community at large,’” that such individual “heard from the mine’s employees that the site is low on protective equipment and the vehicles commuting to it are often congested with people, meaning that there is ‘an absolute impossibility to self-distance because of the nature of the work,’” and that “[t]hese allegations have since been substantiated by two workers at the coal mines[.]”
On this news, Teck’s share price fell $0.18 per share, or 2.15%, to close at $8.18 per share on April 9, 2020. As the market continued to digest this information, Teck’s share price fell an additional $0.27 per share, or 3.3%, to close at $7.91 per share on April 10, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980