PHILADELPHIA--(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 [email protected]. 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 [email protected]. 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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