NEW YORK, Jan. 9, 2019 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national shareholder and consumer rights litigation firm is notifying investors that a class action lawsuit has been filed against Tenaris S.A. ("Tenaris" or the "Company") TS and certain of its officers and directors, related to alleged violations federal securities laws. If you purchased Tenaris securities between May 1, 2014 through November 27, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for more information. The lead plaintiff deadline is February 11, 2019.
Tenaris is a manufacturer and supplier of steel pipe products.
The lawsuit alleges that defendants made false and/or misleading statements and/or failed to disclose 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.
On November 27, 2018, Bloomberg and the Financial Times reported that Tenaris's Chairman and Chief Executive Officer Paolo Rocca was indicted for his role in the Argentinian "notebook scandal." According to Bloomberg, "[t]he 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."
On this news, the price of Tenaris American Depository Receipts (ADRs) dropped $2.64 per share or roughly 10% to close at $24.36 on November 27, 2018.
What You Can Do
If you purchased Tenaris securities between May 1, 2014 through November 27, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980, or at rswartz@scott-scott.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT:
Rhiana Swartz
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Fl, NY, NY 10169
(844) 818-6980
rswartz@scott-scott.com
SOURCE Scott+Scott Attorneys at Law LLP
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