Thieler Law Corp, member of the Investor Attorney Network, is investigating whether certain officers and directors of Tenaris S.A. (NYSE: TS) violated securities laws in connection with certain financial statements.
The investigation seeks to discover if possible claims on behalf of purchasers of the securities of Tenaris S.A. (NYSE: TS) concerning whether a series of statements by Tenaris S.A. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On November 27, 2018, a report by Bloomberg revealed that Tenaris' Chairman and Chief Executive Officer Paolo Rocca was indicted for his role in a graft scheme. The article stated, "[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." The article stated that "[t]he officials were allegedly working for then-President Cristina Fernandez de Kirchner's administration to speed up a compensation payment from Venezuela[]...for the nationalization of Sidor, a unit that...Rocca's group was [ultimately paid] $1.95 billion for[.]" The judge set a $103 million bond and banned Rocca from leaving the country.
Following this news, NYSE: TS fell $2.64 per share or nearly 10% to close at $24.36 per share on November 27, 2018.
Based in Luxembourg City, Luxembourg, and founded in 2001 Tenaris S.A. produces and sells seamless and welded steel tubular products and related services for the oil and gas industry, and other industrial applications.
If you purchased shares of Tenaris S.A. (NYSE: TS) on or before November 27, 2018, you should contact Thieler Law Corp at mail@thielerlaw.com or call +1 (619) 377 - 4324.
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