In re Tenaris S.A. Securities Litigation
|Company Name||In re Tenaris S.A. Securities Litigation|
|Class Period||May 01, 2014 to December 05, 2018|
Glancy Prongay & Murray LLP (“GPM”) announces that on July 1, 2021, the Honorable Raymond J. Dearie of the United States District Court for the Eastern District of New York issued a ruling denying the defendants’ request that the court reconsider an earlier order denying the defendants’ motion to dismiss the action (In Re Tenaris S.A. Securities Litigation, Case No. 18-cv-7059-RJD-SJB). GPM serves as the court-appointed Lead Counsel for a putative class of investors that purchased ADS of Tenaris S.A. (“Tenaris” or the “Company”) (NYSE: TS) between May 1, 2014 and December 5, 2018, inclusive. The action seeks to recover losses suffered by Tenaris investors arising from the defendants’ alleged violations of the federal securities laws.
If you purchased Tenaris ADS between May 1, 2014 and December 5, 2018, and wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles H. Linehan, Esquire, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or by email to firstname.lastname@example.org.
Tenaris is a manufacturer of steel pipe, casing, tubing, line pipe, and mechanical and structural pipes, primarily for the oil and gas industry. Tenaris touts itself as having been an important player in the oil and gas market in Argentina for more than 60 years.
On August 1, 2018, major Argentinian newspaper La Nación published an investigation detailing a massive corruption scandal spanning more than a decade, including illicit payments made by various prominent businesses and business leaders, primarily in the construction and energy (i.e., oil and gas) industries to Argentine government officials.
On November 27, 2018, media outlets reported that Argentine Federal Judge Claudio Bonadio formally charged Paulo Rocca, Tenaris’s Chief Executive Officer, in connection with the corruption scandal. Reuters reported that Rocca was charged with “graft” and “illicit association and payment of bribes,” and that Argentine authorities had frozen approximately US $104 million of Rocca’s assets.
In response to this news, Tenaris’s stock price fell $2.64 per share or nearly 10% to close at $24.36 per share on November 27, 2018, thereby injuring investors.
The complaint filed in this action seeks to recover investors’ losses in connection with the revelation of Tenaris’s alleged corruption and fraud.
On February 14, 2020, the defendants filed a motion to dismiss the action, which Judge Dearie denied in part on October 9, 2020. Then on December 22, 2020, the defendants filed a motion requesting that the Court reconsider its decision. On July 1, 2021, Judge Dearie denied the defendants’ motion for reconsideration, holding that the class action complaint sufficiently alleged that the defendants committed fraud when they “proceeded to highlight [Tenaris’s] Code of Conduct’s anti-bribery provisions in annual SEC filings” while “engag[ing] in the bribery of governmental officials in Argentina.”
As a result of the ruling, the Lead Plaintiffs and the putative class will now be able to conduct discovery and begin preparing the case for trial.
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