NEW YORK, Jan. 04, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ternium S.A. (“Ternium” or the “Company”) (NYSE: TX ) of the January 28, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Ternium stock or options between May 1, 2014 and November 27, 2018 and would like to discuss your legal rights, click here : www.faruqilaw.com/TX . There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com .
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26 th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Ternium securities between May 1, 2014 and November 27, 2018 (the “Class Period”). The case, Ulbricht v. Ternium S.A. et al , No. 18-cv-06801 was filed on November 29, 2018.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Paolo Rocca, Ternium’s 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 Ternium’s Sidor unit; (2) this conduct would lead Rocca to be charged in a graft scheme and subject Ternium, its affiliates, and/or its executives to heightened governmental scrutiny; and (3) as a result, Ternium’s public statements were materially false and/or misleading at all relevant times.
Specifically, on November 27, 2018, Bloomberg reported that Rocca was indicted for his role in a graft scheme. The article stated, in relevant part, that an “Argentine judge overseeing an investigation into the so-called notebook scandal [had] indicted billionaire Paolo Rocca as part of a graft case” and that “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 Company’s stock price fell from $29.44 per share on November 26, 2018 to $28.02 per share on November 27, 2018—a $1.42 or 4.82% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Ternium’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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