Tenaris SA (TS) $9.5M Securities Settlement

It is still possible to file a late claim. The court will decide whether to accept late claims or not.

E.D. New York

Court

1:18-cv-07059

Case number

01 May 2014

Class period Start

05 Dec 2018

Class period End

12 Sept 2023

Claim deadline

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.

Case Status

Accepting Late Claims

Alleged Offence

Other

Suspected Party

Other

Security Type

Stocks

Trade Direction

Long

Filing date

12 December 2018

Plaintiffs

Charles M. Atanasio

Attorneys

Glancy Prongay & Murray LLP (Los Angeles, CA)

Defendants

Paolo Rocca, Edgardo Carlos

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

Cash Settlement Amount