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LOS ANGELES, Feb. 06, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the February 11, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Tenaris S.A. (“Tenaris” or the “Company”) (NYSE: TS) securities between May 1, 2014 and November 27, 2018, inclusive (the “Class Period”). Tenaris investors have until February 11, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On November 27, 2018, Bloomberg published an article alleging that Tenaris’s Chairman and Chief Executive Officer, Paolo Rocca, was indicted for his role in a graft scheme. Specifically the article alleges that, “the 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, Tenaris’ share price fell $2.64, or nearly 10% to close at $24.36 per share on November 27, 2018, thereby injuring investors.
The complaint filed in this class action 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.
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If you purchased shares of Tenaris, you may move the Court no later than February 11, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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