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Tenaris S.A. (NYSE: TS) Investor Securities Class Action Lawsuit 12/12/2018

  • If you purchased shares of Tenaris S.A. (NYSE: TS), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Tenaris S.A.
Security
NYSE: TS

Case Name
Tenaris Shareholder Class Action Lawsuit 12/12/2018
Type of Lawsuit
NULL
Class Period Begin
Class Period End
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Summary

October 9, 2020 - The court denied the defendants' motion to dismiss.

February 14, 2020 - A motion to dismiss the consolidated complaint was filed.

July 19, 2019 - A consolidated complaint was filed.

December 12, 2018 - An investor in shares of Tenaris S.A. (NYSE: TS) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Tenaris S.A. in connection with certain allegedly false and misleading statements made between May 1, 2014 and November 27, 2018.

Luxembourg based Tenaris S.A. produces and sells seamless and welded steel tubular products and related services for the oil and gas industry, and other industrial applications. Tenaris S.A. reported that its annual Total Revenue rose from over $4.29 billion in 2016 to over $5.28 billion in 2017 and that its Net Income increased from $55.29 million in 2016 to $554.73 million in 2017.

Shares of Tenaris S.A. (NYSE: TS) reached as high as $40.64 per share in May 2018.

On November 27, 2018, an article was published alleging that Tenaris’s Chairman and Chief Executive Officer Paolo Rocca, was indicted for his role in a graft scheme. Specifically the article alleges that, “the judge charged Rocca after the Argentine billionaire testified that one of his company’s executives paid an undisclosed amount of cash to government officials in monthly installments from 2009 to 2012.”

Shares of Tenaris S.A. (NYSE: TS) declined to $23.99 per share on November 27, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Tenaris S.A. (NYSE: TS) common shares between May 1, 2014 and November 27, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between May 1, 2014 and November 27, 2018, the Defendants made false and/or misleading statements and/or failed to disclose that Tenaris’s CEO and Chairman, Paolo Rocca, knew that one of his company’s executives paid cash to government officials from 2009 to 2012 to expedite compensation payments for the sale of Sidor, that this conduct would lead to Rocca being charged in a graft scheme, and subject Tenaris, its affiliates, and/or executives to heightened governmental scrutiny, and that as a result, Tenaris’s public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.