After information implicating Tenaris S.A. (Tenaris) executives in an alleged scheme to bribe Argentinian government officials was disclosed in 2018, Tenaris’s stock price dropped. Later that year, plaintiff Charles Atanasio filed a securities class action in the U.S. District Court for the Eastern District of New York against Tenaris and other defendants. That action was later consolidated with another class action concerning nearly identical claims.
After several years of litigation—including extensive discovery and motion practice—the parties notified the court in November 2022 that they had reached a $9.5 million settlement in principle. Subsequently, the lead plaintiffs filed an unopposed motion for settlement approval, which the court preliminarily approved. Thereafter, lead plaintiffs filed a motion seeking final approval of the proposed settlement, and lead counsel filed a motion for attorneys’ fees.
