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Tenaris S.A. ADR Price Drop & Securities Investigation

Tenaris S.A. ADR Price Drop & Securities Investigation

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Kehoe Law Firm, P.C. is investigating potential claims on behalf of investors of Tenaris S.A. (NYSE: TS) to determine whether Tenaris and certain of its officers and/or directors engaged in securities fraud or other unlawful business practices.

On November 27, 2018, it was reported that an Argentine judge had indicted Paolo Rocca (“Rocca”), Tenaris’s chairman and majority shareholder, in connection with a wide-ranging bribery scandal involving the government of Argentina.

On November 27, 2018, Bloomberg reported:

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 eight monthly installments in 2008. The officials were allegedly working for then-President Cristina Fernandez de Kirchner’s administration to speed up a compensation payment from Venezuela’s Hugo Chavez for the nationalization of Sidor, a unit that had been seized by Venezuela. Rocca’s group was compensated with $1.95 billion for the unit in 2012.

The move comes as [judge Claudio] Bonadio probes hundreds of alleged bribes paid by construction companies, energy suppliers and electricity generators to members of the former government. The case, known as the “notebook scandal” after a series of notebooks belonging to a driver for the former deputy secretary for planning, who kept records of names, amounts, addresses and dates of alleged bribes paid between 2005 and 2015. Somebody named “Hector” appears in the notebooks making payments at a Rocca group building. (Emphasis added.)

Following this news, Tenaris’s American depositary receipt price fell $2.64, or 9.78%, to close at $24.36 on November 27, 2018.
Tenaris Investors and Shareholders

If you purchased or otherwise acquired Tenaris ADRs and have questions or concerns about the securities investigation or your potential legal rights, please contact John A. Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], complete the form above on the right or e-mail [email protected].

Kehoe Law Firm, P.C.