Robbins Geller Rudman & Dowd LLP Announces a Securities Case Has Been Filed on Behalf of Purchasers of Ternium S.A. Securities
SAN DIEGO--(BUSINESS WIRE)--Jan 2, 2019--Robbins Geller Rudman & Dowd LLP announces that a securities class action case has been filed on behalf of purchasers of Ternium S.A. (NYSE:TX) securities between May 1, 2014 and November 27, 2018 (the “Class Period”) in the U.S. District Court for the Eastern District of New York, Ulbricht v. Ternium S.A., No. 1:18-cv-06801, and is assigned to Judge Chen.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Ternium securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff or have questions concerning your rights, please contact David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. Lead plaintiff motions must be filed with the court no later than 60 days from November 29, 2018, or by January 28, 2019.
The complaint charges Ternium and four senior executive officers with violating the Securities Exchange Act of 1934 by issuing materially false and misleading statements and/or failing to disclose adverse facts about the Company’s business, operations, and prospects. Specifically, the complaint alleges that defendants failed to disclose that Ternium’s Chairman (Paolo Rocca) knew that one of his Company’s executives had paid cash to government officials from 2009 to 2012 to expedite compensation payments for the sale of Ternium’s Sidor unit to a Venezuelan state-owned entity, which would lead to Rocca being charged in a graft scheme and subject Ternium, its affiliates and/or its executives to heightened governmental scrutiny. As a result of this information being withheld from investors, Ternium shares traded at artificially inflated prices during the Class Period, reaching a high of more than $40 per share.
On November 27, 2018, Bloomberg reported that an Argentine judge had indicted Rocca as part of a graft scheme, stating that the “judge charged Rocca after the Argentine billionaire testified that one of his company’s executives paid an undisclosed amount of cash to government officials in monthly installments from 2009 to 2012” to “speed up a compensation payment from Venezuela’s Hugo Chavez for the nationalization of Sidor.” On this news, the price of Ternium shares declined nearly 5% to close at $28.02 per share on November 27, 2018.
Robbins Geller is one of the world’s leading law firms representing investors in securities litigation. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For five consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in both the amount recovered for shareholders and the total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Please visit http://www.rgrdlaw.com for more information.
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CONTACT: Robbins Geller Rudman & Dowd LLP
David A. Rosenfeld, 800-449-4900
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Geller Rudman & Dowd LLP
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PUB: 01/02/2019 04:06 PM/DISC: 01/02/2019 04:06 PM