STEVENSON, Md.--(BUSINESS WIRE)--
The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of Forterra, Inc. (Nasdaq: FRTA) (“Forterra” or the “Company”) common stock issued pursuant and/or traceable to the Company’s registration statement and prospectus issued in connection with Forterra’s October 21, 2016 initial public stock offering and/or acquired Forterra’s securities between October 18, 2016 and August 14, 2017, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until October 13, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Forterra during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the defendants’ failure to disclose in connection with the October 21, 2016 initial public offering and during the Class Period that the Company’s initiatives were not producing organic growth, that the Company was experiencing increased pricing pressures, operational problems at manufacturing plants, and rising bad debt expenses, and the Company had material weaknesses in internal controls over inventory accounting.
According to the complaint, following a May 15, 2017 press release announcing that the Company produced no organic growth in the first quarter 2017, and an August 10, 2017 press release announcing that the Company produced no organic growth in the second quarter of 2017, the value of Forterra shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Forterra during the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at [email protected] or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
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