The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of investors who purchased Ternium S.A. (NYSE: TX) securities between May 1, 2014 and November 27, 2018.
According to the Ternium lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendant Paolo Rocca, Ternium’s Chairman, 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; (2) this conduct would lead Rocca to be charged in a graft scheme and subject Ternium, its affiliates, and/or its executives to heightened governmental scrutiny; and (3) as a result, Ternium’s public statements were materially false and/or misleading at all relevant times. On November 27, 2018, Bloomberg reported that Rocca was indicted for his role in a graft scheme. According to the article, “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. The officials were allegedly working for then-President Cristina Fernandez de Kirchner’s administration to speed up a compensation payment from Venezuela’s Hugo Chavez for the nationalization of Sidor, a unit that had been seized by Venezuela. Rocca’s group was compensated with $1.95 billion for the unit.”
If you suffered a loss in Ternium you have until January 28, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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