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TS.US
id: 617, Created by Stan Vick Chase, Scout
Tenaris SA (TS) $9.5M Securities Settlement
Pending settlement
How it works?
- Company agreed to pay compensation to its investors, to avoid further litigation
- We help you to prepare documents and file for compensation
- No credit-card required
01 May 2014
Class period Start05 December 2018
Class period End12 September 2023
Claim deadlineHow it works?
- Company agreed to pay compensation to its investors, to avoid further litigation
- We help you to prepare documents and file for compensation
- No credit-card required
Tenaris and its billionaire CEO Paolo Rocca have agreed to a $9.5 million settlement to resolve a proposed securities class action launched following Rocca's indictment on since-dismissed bribery charges, according to filings in New York federal court.
According to the Complaint, Tenaris's CEO made false or misleading statements or failed to disclose important information, including:
- that Tenaris's CEO and Chairman were aware that one of their executives had paid government officials in cash between 2009 and 2012 to speed up payment for the sale of Sidor;
- this behavior would result in the CEO being implicated in a graft scheme, and would increase governmental scrutiny of Tenaris, its affiliates, and/or executives;
- consequently, Tenaris's public statements were misleading or false during the relevant period.
- The lawsuit alleged that investors incurred losses when the true information was revealed.
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Case number
1:18-cv-07059
Filing date
12 December 2018
Lead plaintiff
Charles M. Atanasio
Attorney
Glancy Prongay & Murray LLP (Los Angeles, CA)
Defendants
Paolo Rocca, Edgardo Carlos
Court
Eastern District of New York
Judge
Hon. Kiyo A. Matsumoto
Administrator
A.B. Data Ltd
Court hearing date
19 October 2023
Exclusion deadline
28 September 2023
Objection deadline
28 September 2023
Hearing deadline
28 September 2023
+$9,500,000
Total Settlement Amount