The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information. All capitalized terms used on this website and in the Notice that are not otherwise defined have the meanings ascribed to them in the Stipulation and Agreement of Settlement dated March 3, 2023 (“Stipulation”), which you may access by clicking here.

If you purchased or otherwise acquired Tenaris S.A. (“Tenaris”) American Depositary Shares (“ADS”) during the period between May 1, 2014 and December 5, 2018, inclusive (the “Settlement Class Period”) and suffered economic losses as a proximate result of the alleged wrongdoing, you may be entitled to a payment from a class action settlement.

Tenaris ADS refers to publicly traded Tenaris American Depositary Shares. During the Settlement Class Period, Tenaris ADS were listed on the New York Stock Exchange (NYSE) under the symbol “TS.”

PLEASE READ THE NOTICE CAREFULLY.

The Settlement Fairness Hearing

The Settlement Hearing will be held on October 19, 2023, at 10:00 a.m., before the Honorable Kiyo A. Matsumoto at the United States District Court for the Eastern District of New York, United States Courthouse, Courtroom 6C South, 225 Cadman Plaza East, Brooklyn, NY 11201. The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses and/or any other matter related to the Settlement at or after the Settlement Hearing without further notice to the members of the Settlement Class. The Settlement Hearing may be adjourned by the Court without further written notice to the Settlement Class. While not required to do so, if you intend to attend the Settlement Hearing, you should confirm the date and time with Lead Counsel.

What is this case about?

This case is a securities class action brought by investors alleging, among other things, that defendants Tenaris and Paolo Rocca (collectively, “Defendants”) violated the federal securities laws by making false and misleading statements regarding Tenaris. More specifically, the Complaint alleged that the Defendants made materially false and misleading statements, or omitted material facts, regarding corruption and bribery, in the Company’s code of conduct, code of ethics and risk disclosures. The Complaint further alleged the prices of Tenaris ADS were artificially inflated as a result of Defendants’ allegedly false and misleading statements, and declined when the truth was revealed. A more detailed description of the Action is set forth in paragraphs 11-28 of the Notice.

The Settlement Benefits

At this time, it is not possible to make any determination as to how much any individual Settlement Class Member may receive from the Settlement.

Pursuant to the Settlement, Defendants have agreed to pay or caused to be paid nine million five hundred thousand dollars ($9,500,000) in cash (the “Settlement Amount”). The Settlement Amount will be deposited into an escrow account. The Settlement Amount plus any interest earned thereon is referred to as the “Settlement Fund.” If the Settlement is approved by the Court and the Effective Date occurs, the “Net Settlement Fund” (that is, the Settlement Fund less (a) all federal, state and/or local taxes on any income earned by the Settlement Fund and the reasonable costs incurred in connection with determining the amount of and paying taxes owed by the Settlement Fund (including reasonable expenses of tax attorneys and accountants); (b) the costs and expenses incurred in connection with providing notice to Settlement Class Members and administering the Settlement on behalf of Settlement Class Members; and (c) any attorneys’ fees and Litigation Expenses awarded by the Court) will be distributed to Settlement Class Members who submit valid Claim Forms in accordance with the proposed Plan of Allocation, or such other plan of allocation as the Court may approve.

The Net Settlement Fund will not be distributed unless and until the Court has approved the Settlement and a plan of allocation, and the time for any petition for rehearing, appeal, or review has expired.

Further Information

This website and the Notice summarize the Settlement. For more details regarding the Settlement please reference the Stipulation, or other documents filed in the case under the “Court Documents” link on the left. You may also contact the Claims Administrator or Lead Counsel for further information regarding the Settlement: