NEW YORK, Aug. 15, 2017 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Forterra, Inc. (“Forterra” or the “Company”) (Nasdaq:FRTA) of the October 13, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you purchased Forterra common stock issued in connection with the Company’s October 21, 2016 initial public offering (the “IPO”) and would like to discuss your legal rights,
click here: www.faruqilaw.com/FRTA.
There is no cost or obligation to you.
You can also contact us by calling
Richard Gonnello toll free at
877-247-4292 or at
212-983-9330 or by sending an e-mail to
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Forterra common stock issued in connection with the Company’s October 21, 2016 IPO. The case, Forrester v. Forterra, Inc. et al, No. 2:17-cv-04763 was filed on August 14, 2017, and has been assigned to Judge Joan Marie Azrack.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by providing inaccurate statements of material fact and/or failing to disclose that (1) organic sales in the Company’s Drainage and Water segments had declined significantly; (2) the Company faced increased pricing pressure in its Houston, Texas region; (3) the Company had been experiencing continued softness in its concrete and steel pipe business; (4) the Company faced significant operational problems at its production plants; (5) the Company had understated its expenses and overstated its profits at the time of the IPO; and (6) the Company had various other material weaknesses in its internal controls.
Forterra’s share price has since declined from its IPO price of $18.00 per share on October 21, 2016, to a closing price of $4.44 on August 14, 2017—a $13.56 or a 75.33% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Forterra’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
Source : http://forextv.com/top-news/lead-plaintiff-deadline-alert-faruqi-faruqi-llp-encourages-investors-who-suffered-losses-exceeding-50000-in-forterra-inc-to-contact-the-firm/