SHAREHOLDER ALERT: Class Action Lawsuit Filed on Behalf of Forterra, Inc. Investors
August 15 2017 - 6:05PM
Business Wire
Girard Gibbs LLP is investigating claims on behalf of purchasers
of Forterra, Inc. (NASDAQ: FRTA) common stock or securities, who
allege that the IPO Registration Statement and Prospectus
omitted material information from investors.
A class action lawsuit was filed on August 14, 2017 in the
Eastern District of New York; Forterra investors are encouraged to
contact the firm for more information about their legal rights.
To speak privately with an attorney regarding the Forterra
class action lawsuit investigation, click here.
Forterra manufactures pipe and various precast products. The
class action complaint alleges that the Registration Statement,
which Forterra used to conduct its IPO, contained inaccurate or
misleading statements, and failed to disclose material facts,
including that:
- Organic sales in Forterra’s drainage
and water segments significantly declined;
- Forterra was experiencing increased
pricing pressure due to competition in its concrete and steel pipe
business;
- Forterra had been losing business in
its important pipe and precast business, largely due to operational
problems at its production plants; and
- Forterra had undisclosed material
weaknesses in its internal controls that prevented it from
accurately reporting and forecasting its financial results.
Forterra completed its initial public offering of common stock
on October 21, 2016, selling 18.42 million shares at $18.00 per
share, raising over $331 million in gross proceeds. Since then, the
price of Forterra shares has plummeted by approximately 73% to
close at $4.90 on August 15, 2017.
If you purchased Forterra shares in or after the IPO or would
like to speak privately with a securities attorney to contribute to
or learn more about the investigation, visit
our website or contact the securities team directly at
(800) 254-9493.
Girard Gibbs LLP is one of the nation’s leading firms
representing individual and institutional investors
in securities litigation to correct abusive corporate
governance practices, breaches of fiduciary duty, and proxy
violations. The firm has recovered over a billion dollars for its
clients against some of the world’s largest corporations, and has
earned Tier-1 rankings and been named in the U.S. Lawyers –
Best Law Firms list for five consecutive years.
This press release may constitute Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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Girard Gibbs LLPEileen Epstein,
510-350-9728eje@classlawgroup.com
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