| COMPANY |
Tenaris S.A. |
| COURT |
United States District Court for the Eastern District of New York |
| CASE NUMBER |
18-cv-07059 |
| JUDGE |
The Hon. Raymond Joseph Dearie |
| CLASS PERIOD |
May 1, 2014 - December 5, 2018 |
| SECURITY TYPE |
American Depositary Share (“ADSs”) |
Case Background:
This securities class action case was brought on behalf of those who purchased or otherwise acquired Tenaris American Depositary Shares between May 1, 2014 and December 5, 2018, inclusive (the “Class Period”).
The complaint alleged that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Tenaris’s Chief Executive Officer (“CEO”) and 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 Sidor; (2) this conduct would lead to the CEO 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.
Current Status of Case:
On October 19, 2023, the Court held a Final Settlement Hearing. The Court took the Motion under advisement. This case is in the settlement stage.
The deadline to file a claim is September 12, 2023. If you have any questions or need further information about this settlement, you may go to the following website, http://www.tenarissecuritiessettlement.com, or you can contact the claims administrator, A.B. Data, Ltd. at 1-877-388-1758.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.