Market Overview

INVESTOR REMINDER: Kessler Topaz Meltzer & Check, LLP Announces Deadline in Securities Fraud Class Action Lawsuit Filed Against Tenaris S.A.


The law firm of Kessler Topaz Meltzer & Check, LLP reminds Tenaris S.A.
(NYSE:TS) ("Tenaris") investors that a securities fraud class action
lawsuit has been filed on behalf of purchasers of Tenaris securities between
May 1, 2014 and November 27, 2018
, inclusive (the "Class

REMINDER: Investors who purchased Tenaris securities during the
Class Period may, no later than February 11, 2019,
seek to be appointed as a lead plaintiff representative of the class.
For additional information or to learn how to participate in this
litigation please visit

According to the complaint, Tenaris produces and sells seamless and
welded steel tubular products and related services for the oil and gas
industry and other industrial applications. Tenaris has a significant
investment in Ternium S.A. and, as of December 31, 2017, held 11.46% of
Ternium's share capital (including treasury shares). Ternium was created
in 2005 by the consolidation of Siderar of Argentina, Sidor of
Venezuela, and Hylsa of Mexico. In 2008, Venezuela ordered the
transformation of Sidor, a Venezuelan steel company, into a state-owned
enterprise. On May 7, 2009, Ternium sold its 59.7% stake in Sidor to
Corporación Venezolana de Guayana, a Venezuelan state-owned entity.
Ternium agreed to receive $1.97 billion for the sale of its interest. It
took several years, from 2009 to 2012, for Ternium to receive the money.

The Class Period commences on May 1, 2014. On April 30, 2014, after
market hours, Tenaris filed a Form 20-F for the fiscal year ended
December 31, 2013 with the SEC, which provided Tenaris' year-end
financial results and position. The Form 20-F stated that Tenaris was
"committed to conducting business in a legal and ethical manner in
compliance with local and international statutory requirements and

According to the complaint, on November 27, 2018, Bloomberg reported
that Paolo Rocca, who served as Tenaris' Chairman and Chief Executive
Officer ("CEO") throughout the Class Period, was indicted for his role
in a graft scheme. Specifically, the article stated that an Argentine
judge indicted Mr. Rocca after he testified that one of his company's
executives paid an undisclosed amount of cash to government officials in
monthly installments from 2009 to 2012 to speed up a compensation
payment from Venezuela's Hugo Chavez for the nationalization of Sidor.

Following this news, Tenaris' stock fell $2.64 per share, or nearly 10%,
to close at $24.36 per share on November 27, 2018.

The complaint alleges that throughout the Class Period, the defendants
made false and/or misleading statements and/or failed to disclose that:
(1) Tenaris' CEO and Chairman, Paolo Rocca, knew that one of his
company's executives paid cash to government officials from 2009 to 2012
to speed up compensation payments for the sale of Sidor; (2) this
conduct would lead to Mr. 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' public statements
were materially false and/or misleading at all relevant times.

Investors who wish to discuss this securities fraud class action lawsuit
and their legal options are encouraged to contact Kessler Topaz Meltzer
& Check, LLP (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (888)
299-7706 or at

Tenaris investors may, no
later than February 11, 2019
, seek to be appointed as a
lead plaintiff representative of the class through Kessler Topaz Meltzer
& Check, or other counsel, or may choose to do nothing and remain an
absent class member. A lead plaintiff is a representative party who acts
on behalf of all class members in directing the litigation. In order to
be appointed as a lead plaintiff, the Court must determine that the
class member's claim is typical of the claims of other class members,
and that the class member will adequately represent the class. Your
ability to share in any recovery is not affected by the decision of
whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check prosecutes class actions in state and
federal courts throughout the country involving securities fraud,
breaches of fiduciary duties and other violations of state and federal
law. Kessler Topaz Meltzer & Check is a driving force behind corporate
governance reform, and has recovered billions of dollars on behalf of
institutional and individual investors from the United States and around
the world. The firm represents investors, consumers and whistleblowers
(private citizens who report fraudulent practices against the government
and share in the recovery of government dollars). The complaint in this
action was not filed by Kessler Topaz Meltzer & Check. For more
information about Kessler Topaz Meltzer & Check, please visit

View Comments and Join the Discussion!