Robbins Arroyo LLP: Ternium S.A. (TX) Misled Shareholders According to Class Action
SAN DIEGO & LUXEMBOURG CITY, Luxembourg--(BUSINESS WIRE)--Dec 5, 2018--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Ternium S.A. (NYSE: TX) filed a class action complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between May 1, 2014 and November 27, 2018. Ternium S.A., through its subsidiaries, manufactures and processes various steel products in the United States and Latin America.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/ternium-s-a/
Ternium’s Chairman Allegedly Knew About Bribes to Government Officials
According to the complaint, on May 7, 2009, Ternium sold its 59.7% stake in Venezuelan steel company Sidor to Corporacion Venezolana de Guayana for almost $2 billion. Ternium subsequently represented to investors that the company does not condone the offering or receiving of bribes or any other form of improper payments. However, Ternium’s Chairman and Argentine billionaire, Paolo Rocca, 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 Ternium’s Sidor unit. On November 27, 2018, Bloomberg reported that Rocca was indicted for his role in a graft scheme, set a $103 million bond, and forbade Rocca from leaving the country. On this news, Ternium’s stock fell nearly 5% to close at $28.02 per share on November 27, 2018.
Ternium Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181205005831/en/
CONTACT: Leonid Kandinov
Robbins Arroyo LLP
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
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PUB: 12/05/2018 04:06 PM/DISC: 12/05/2018 04:06 PM