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id: 617

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
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
Suspected Party
Security Type
Trade Direction
Filing date
12 December 2018
Charles M. Atanasio
Glancy Prongay & Murray LLP (Los Angeles, CA)
Paolo Rocca, Edgardo Carlos
Hon. Kiyo A. Matsumoto
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
Cash Settlement Amount