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TS.US

Tenaris SA (TS) $9.5M Securities Settlement

Claim deadline for this case already passed by, but we can still try and file for compensation for you
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.
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
Total Settlement Amount
Created by Stan Vick, Scout

Tenaris SA ADR

Tenaris S.A., together with its subsidiaries, produces and sells seamless and welded steel tubular products and related services for the oil and gas industry, and other industrial applications. The...

    Ticker
    TS.US
    ISIN
    US88031M1099
    Sector
    Energy
    Industry
    Oil & Gas Equipment & Services
    Country
    USA
    Address
    26, Boulevard Royal, Luxembourg City, Luxembourg, 2449