NEW YORK, Jan. 04, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Tenaris S.A. (“Tenaris” or the “Company”) (NYSE: TS ) of the February 11, 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 Tenaris stock or options between May 1, 2014 and November 27, 2018 and would like to discuss your legal rights, click here : www.faruqilaw.com/TS . 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 Tenaris securities between May 1, 2014 and November 27, 2018 (the “Class Period”). The case, Atanasio v. Tenaris S.A. et al, No. 18-cv-07059 was filed on December 12, 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) Tenaris’s Chief Executive Officer (“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 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.
Specifically, on November 27, 2018, Bloomberg reported that Rocca was indicted for his role in a graft scheme.
On this news, the Company’s stock price fell from $27.00 per share on November 26, 2018 to $24.36 per share on November 27, 2018—a $2.64 or 9.78% 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 Tenaris’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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