TS.US
id: 617
Tenaris SA (TS) $9.5M Securities Settlement
Late claims are being considered for compensation, subject to approval.
$9,500,000
Cash SettlementE.D. New York
Court1:18-cv-07059
Case number05/01/2014
Class period Start12/05/2018
Class period End09/12/2023
Claim deadlineTenaris 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
12/12/2018
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
10/19/2023
Exclusion deadline
09/28/2023
Objection deadline
09/28/2023
Hearing deadline
09/28/2023
Trades matching type
FIFO
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