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Tenaris Shareholder Suit Over Argentinian Bribery Claims Trimmed

Oct. 9, 2020, 11:29 PM

Shareholders who allege steel-pipe maker Tenaris SA made false or misleading assertions regarding its involvement in an alleged bribery scheme can proceed with certain claims against the company and its CEO but not against parent companies and other executives, a federal judge in New York said Friday.

The lawsuit, brought on behalf of a class of investors, arises out of the downturn in Tenaris’ stock price after information surfaced in 2018 implicating a group of executives in a decade-old scheme to bribe Argentine government officials.

The complaint alleges executives including CEO Paolo Rocca paid bribes beginning in 2005 in exchange ...