SHAREHOLDER ALERT: Spector, Roseman & Kodroff, P.C. Announces Class Action Lawsuit Filed Against Forterra, Inc.
August 22 2017 - 2:47PM
Business Wire
The law firm of Spector, Roseman & Kodroff, P.C. announces
that a securities class action lawsuit has been filed on behalf of
investors who purchased Forterra, Inc. (NASDAQ: FRTA) (“Forterra”
or the “Company”) securities: (i) issued pursuant and/or traceable
to Forterra’s initial public offering (“IPO”) on or about October
21, 2016; and (ii) on the open market between October 18, 2016
and August 14, 2017, inclusive (the “Class Period”).
The complaints allege that in the Company’s IPO offering
documents and throughout the Class Period, defendants made
materially false and misleading statements regarding, among other
things, the Company’s ability to drive organic growth. As detailed
in the complaints, on May 15, 2017, the Company announced that,
contrary to prior representations, it had no organic net sales
growth for the first quarter of 2017, and its net sales growth had
instead been driven exclusively by acquisitions. Following this
news, Forterra stock dropped $4.79 per share, or approximately 24%,
to close at $14.93 per share on May 15, 2017. Thereafter, on August
10, 2017, the Company reported that net sales growth for the second
quarter of 2017 had again been driven solely by acquisitions. On
this news, the price of Company stock declined $4.76 per share, or
approximately 57%, to close at $3.51 per share on August 10,
2017.
If you purchased Forterra, Inc. securities during the Class
Period, you may, no later than October 13,
2017, move to be appointed as a Lead Plaintiff in this
class action. A Lead Plaintiff is a representative chosen by the
Court that acts on behalf of other class members in directing the
litigation.
If you have sustained substantial losses in Forterra, Inc.
securities during the Class Period and wish to move to be appointed
as Lead Plaintiff, please contact Spector, Roseman & Kodroff,
P.C. at classaction@srkattorneys.com. If you have relatively small
losses, your ability to participate in any recovery will be
protected by the Lead Plaintiff(s), and you need take no
affirmative steps at this time.
If you wish to discuss this action or have any questions
concerning this notice or your rights or interests, please call us
toll-free at 888-844-5862 or via e-mail at
classaction@srkattorneys.com. For more detailed information about
the firm please visit its website at
http://www.srkattorneys.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia,
Pennsylvania, concentrates its practice in complex litigation
including actions dealing with securities laws, antitrust,
contract, and commercial claims. The firm is active in major
litigation pending in federal and state courts throughout the
United States. The firm’s reputation for excellence has been
recognized on repeated occasions by courts which have appointed the
firm as lead counsel in numerous major class actions involving
violations of the federal securities laws and the federal antitrust
laws. As a result of the efforts of the firm, and its members,
hundreds of millions of dollars have been recovered through
judgments and settlements on behalf of thousands of defrauded
shareholders and companies.
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version on businesswire.com: http://www.businesswire.com/news/home/20170822006092/en/
Spector, Roseman & Kodroff, P.C.Robert M. Roseman,
888-844-5862
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