Tenaris Reaches $9.5 Million Deal to Settle Shareholder Suit

Steel-pipe maker Tenaris SA will pay $9,500,000 as part of a securities class action settlement stemming from the backlash it faced over an Argentinian bribery scandal.

Investors alleged that in CEO Paolo Rocca’s bid to stave off Venezuela’s nationalization of a Tenaris subsidiary’s assets, executives bribed the Argentine government between 2005 and 2008. Tenaris’ stock price dropped when Rocca allegedly admitted to this bribery scheme in 2018. The US District Court for the Eastern District of New York ruled in 2020 that the investors sufficiently alleged the additional information raised questions about other statements Tenaris made to the SEC.

The ...