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TS.US
id: 617

Tenaris SA (TS) $9.5M Securities Settlement

$9,500,000
Cash Settlement
E.D. New York
Court
1:18-cv-07059
Case number
05/01/2014
Class period Start
12/05/2018
Class period End
09/12/2023
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 Type
US Securities Class Action
Case Status
Distribution Started
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
Disbursement date
06/18/2025

Frequently Asked Questions

Who is eligible for this settlement?

All persons and entities who purchased or otherwise acquired Tenaris American Depositary Shares (ADS) between May 1, 2014 and December 5, 2018, inclusive, and who suffered economic losses as a proximate result of the alleged wrongdoing.

Do I have to sell securities to be eligible?

No, if you have purchased securities within the class period, you are eligible to participate.

You can participate in the settlement and retain (or sell) your securities.

How long does the payout process take?

The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.

What is 11th Estate?

11thestate is an investor recovery company, we help investors to track and collect securities class action settlements. We will:

1. Prepare documents for your payout

2. Audit the claim and make sure you get the maximum possible payout

3. File a claim with the settlement administration

4. Correspond with the settlement administration to resolve emerging issues

5. Deliver payout directly to your brokerage account

There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.