Ternium Beats Securities Fraud Suit Over Alleged Argentine Bribe

Steel product manufacturer Ternium SA defeated a securities fraud lawsuit by investors who said the company misled the market about its alleged bribery of Argentine government officials, after a federal judge in Brooklyn, N.Y., said the investors failed to show an actionable misrepresentation or omission by the company.

The proposed class action, filed in the U.S. District Court for the Eastern District of New York, challenges a 5% drop in Ternium stock price in 2018, after reports surfaced of criminal charges against Ternium’s board chairman. The charges, which were dismissed by an Argentine appeals court, were related to more than ...