The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Tenaris S.A. (NYSE: TS) who purchased shares between May 1, 2014 and November 27, 2018. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the Tenaris lawsuit alleges that (1) 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; (2) 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 (3) 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.
Shareholders have until February 11, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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