Saipem S.p.A. is a leading Italian company operating in the energy and infrastructure sectors.[1] Between 2015 and 2016, they breached Italian laws concerning the disclosure of information and data to investors during the release of official public documents.

In March 2018 and February 2019, CONSOB, the Italian financial market supervisory authority, sanctioned Saipem’s CEO and CFO for violations related to their January 2016 capital increase. Following the capital increase, Saipem reported a write-down of about €2 billion in October 2016.

According to sanctions by CONSOB, Saipem failed to disclose relevant information about its financials and economics in the €3.5 billion capital increase in their January 2016 prospectus. As a result, the lack of appropriate information prevented investors from making a fair assessment of Saipem’s equity shares.

During the period from January 1st to February 11th, 2016, Saipem lost nearly 65% of its market value.

Martingale Risk filed the dispute letters on behalf of 13 institutional clients for an estimated cumulative claim of over €31 million. We are in an out-of-court dispute with the counterparty and are currently accepting participants until the June 18th, deadline. Martingale Risk’s case strategy is formed on the ground that Saipem's shareholders, by Italian law, were not provided with the sufficient and accurate information necessary to form a fair assessment of the company's equity stock value. The strategy is further confirmed by the two aforementioned CONSOB sanctions.

Our Proposal

We will file a collective lawsuit and individual lawsuits on the investor’s behalf against Saipem S.p.A., which will be held at the Court of Milan. The lawsuit is directed at obtaining repayment of the damages incurred from investment losses in 2015-2016, given the misstatements issued by the company and specific violations sanctions by CONSOB.

We will be representing institutional investors who suffered losses in investments of Saipem equity shares from October 27th, 2015 to February 12th, 2016, as well as those who took part in Saipem's January 2016 capital increase. Our work is on a success fee basis, claiming compensation as a percentage of the recovered amount, only once the clients receive their repayment. Martingale Risk will fully finance the lawsuit and cover any potential fees or adverse costs arising from the dispute.

Terms and Conditions

1. Compensation: Martingale Risk will collect a Success Fee plus VAT calculated on the Losses Recovered from MPS, as resulting from: (a) the conclusion of a settlement agreement with MPS in the Negotiation or Litigation phase; (b) the issuance of a definitive successful court trial.

2. Expenses: Martingale Risk will pay all administrative and tax expenses incurred in the Litigation, such as: notification and registration expenses for documents filed to the Court and any administrative expenses and fees related to the experts eventually engaged by the Court. Martingale Risk will be liable to pay the legal adverse costs in case of an unsuccessful lawsuit.

3. Representation: The Client will sign a mandate providing Martingale Risk with Power of Attorney which includes the power to take every decision concerning the lawsuit, including the power to settle, to collect, and dispersed the recovered amount from MPS until the issuance of a definitive decision. The Client will also sign a Power of Attorney to the lawyer (s) directly involved in the litigation.

DISCLAIMER: THESE TERMS ARE INDICATIVE AND NON-BINDING AND CAN BE SUBJECT TO CHANGES PRIOR TO THE SIGNING OF THE MANDATE, GIVEN THE RESULTS OF THE PRELIMINARY ANALYSIS AND PRELIMINARY LEGAL OPINION. MARTINGALE RISK WILL RESERVE ALL THE RIGHTS TO DECLINE THE DEFENSE OF EACH CLIENT THAT IS DEEMED UNSUITABLE TO THE LAWSUIT. ALL DISPUTES RELATED TO THE INTERPRETATION OF THE MANDATE WILL BE REGULATED BY THE INTERNATIONAL CHAMBER OF COMMERCE (ICC).

[1] See www.saipem.com.

Open Case:

Collective Action Against Saipem S.p.A.