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 - EconoTimes)
NEW YORK, Aug. 21, 2017 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Forterra, Inc. (“Forterra” or the “Company”) (Nasdaq:FRTA) in connection with the Company’s October 21, 2016 initial public offering (the “IPO”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Act of 1933.
The Complaint alleges that the Company’s Registration Statement failed to disclose, at the time of the IPO that: (1) organic sales in Forterra’s Drainage and Water segments had significantly declined; (2) Forterra was experiencing increased pricing pressure due to competition and continued softness in its concrete and steel pipe business; (3) Forterra had been losing business in its important pipe and precast business due in large part to operational problems at its production plants, and (4) Forterra had undisclosed material weaknesses in its internal controls that prevented it from accurately reporting and forecasting its financial results.
The IPO was successful for the Company and the underwriters, who sold 18.42 million shares of Forterra common stock to the public at $18 per share, raising more than $331 million in gross proceeds. As the market learned the truth about the Company’s business and finances following the IPO, the price of Forterra common stock declined and the stock now trades at approximately 75% of its IPO price.
If you wish to serve as lead plaintiff, you must move the Court no later than October 13, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
