Saipem S.p.A. is one of the largest companies in the engineering, construction, and installation of oil and gas facilities worldwide. Its shares are listed on the Italian stock exchange. On January 29, 2013, in a sudden and massive revision of its previous updates, Saipem S.p.A. cut its expected 2013 EBIT by a substantial 50%, primarily citing margins on pending contracts that were below expectations. This was followed by a second profit warning on June 14, 2013, which further reduced the expected EBIT to zero. The stock price lost a cumulative 50% following these two profit warnings. 

Consob, the Italian Companies and Exchange Commission, found Saipem S.p.A. liable of violating its legal obligations to promptly disclose the sensitive information contained in the first profit warning. This decision was upheld by the Milan Court of Appeal in 2014 and by the Italian Supreme Court of Cassation in 2018. 

Deminor is assisting a group of 64 institutional investors who have suffered significant losses in the investment recovery legal action.  

In first instance, the Court of Milan dismissed the claims on preliminary issues concerning the proof of the purchase of the shares. Deminor’s clients appealed this decision before the Milan Court of Appeal. 

In November 2023, the Milan Court of Appeal issued its judgment and partially upheld Deminor’s clients' appeal against the first instance decision. Saipem S.p.A. was found liable for the late disclosure of relevant information to the market with respect to the first profit warning. 

In December 2023, Saipem S.p.A. appealed the second instance decision before the Court of Cassation. In January 2024, Deminor’s clients filed a counter-appeal against the second instance decision. Deminor’s clients are challenging, among other things, the decision of the Court of Appeal, which found that the second profit warning was timely disclosed. 

The case is currently pending before the Court of Cassation. 

Company names 

Saipem S.p.A

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Relevant period

01/01/2012 – 14/06/2013

Case initiated

October 2013

Contact persons

✉️ Erik Bomans

✉️ Giacomo Lorenzo



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