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Ternium S.A. (NYSE: TX) Investor Securities Class Action Lawsuit 11/29/2018

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

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Lawsuit Overview

Case Dismissed
Company
Ternium S.A.
Security
NYSE: TX

Case Name
Ternium Shareholder Class Action Lawsuit 11/29/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

November 17, 2020 - An amended complaint was not filed and the case was dismissed.

September 14, 2020 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

November 27, 2019 - A motion to dismiss the amended complaint was filed.

June 17, 2019 - An amended complaint was filed.

November 29, 2018 - An investor in shares of Ternium S.A. (NYSE: TX) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Ternium S.A. in connection with certain allegedly false and misleading statements made between May 1, 2014 and November 27, 2018.

Luxembourg based Ternium S.A., through its subsidiaries, manufactures and processes various steel products in Mexico, Argentina, Paraguay, Chile, Bolivia, Uruguay, Brazil, the United States, Colombia, Guatemala, Costa Rica, Honduras, El Salvador, and Nicaragua. Ternium S.A. reported that its annual Total Revenue rose from over $7.22 billion in 2016 to over $9.7 billion in 2017 and that its Net Income increased from $595.64 million in 2016 to $886.21 million in 2017.

On November 27, 2018, an article was published alleging that Ternium’s Chairman 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 Ternium S.A. (NYSE: TX) declined to as low as $26.43 per share on November 28, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Ternium S.A. (NYSE: TX) 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 Defendant Rocca, Ternium’s Chairman, 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 Ternium’s Sidor unit, that this conduct would lead Rocca to be charged in a graft scheme and subject Ternium, its affiliates, and/or its executives to heightened governmental scrutiny, and that as a result, Ternium’s public statements were materially false and/or misleading at all relevant times