Globe Newswire 6-Dec-2018 3:06 PM
NEW YORK, Dec. 06, 2018 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Tenaris S.A. (NYSE:TS) resulting from allegations that Tenaris may have issued materially misleading business information to the investing public.
On November 27, 2018, Bloomberg reported that Tenaris's Chairman and Chief Executive Officer Paolo Rocca was indicted for his role in a graft scheme. According to the article, "[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 "[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. On this news, Tenaris's stock fell $2.64 per share or nearly 10% to close at $24.36 per share on November 27, 2018.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Tenaris investors. If you purchased shares of Tenaris please visit the firm's website at https://www.rosenlegal.com/cases-1459.html to join the class action. You may also contact Phillip Kim or Zachary Halper of Rosen Law Firm toll free at 866-767-3653 or via email at firstname.lastname@example.org or email@example.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
Zachary Halper, Esq.
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