According to the Complaint, Tenaris produces and sells seamless and welded steel tubular products and related services for the oil and gas industry, and other industrial applications.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Tenaris’s CEO and Chairman knew that one of his company’s executives paid cash to government officials from 2009 to 2012 to expedite compensation payments for the sale of Sidor; (2) this conduct would lead to the CEO being charged in a graft scheme, and subject Tenaris, its affiliates, and/or executives to heightened governmental scrutiny; and (3) as a result, Tenaris’s public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On April 29, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed a consolidated Complaint on July 19. Defendants filed Motions to Dismiss the consolidated Complaint on February 14, 2020. On October 9, the Court issued an Order denying Tenaris's Motion to Dismiss.