In 2011, Tenaris S.A. (a company headquartered in Luxembourg with American Depository Receipts listed on the New York Stock Exchange) resolved an approximate $9 million Foreign Corrupt Practices Act enforcement action regarding conduct in Uzbekistan (see here for the prior post).
The company’s shares remain traded on the NYSE and in connection with an alleged Argentine bribery scheme the company (along with various executives) were sued by plaintiff shareholders alleging securities fraud.
This post summarizes the allegations in connection with the Argentine bribery scheme as well as a recent decision in the E.D. of N.Y. dismissing certain securities fraud claims against the company while allowing certain claims to proceed. (See 2020 WL 6018919)