NEW YORK, March 29, 2017 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a securities class action has been filed in the United States District Court for the Northern District of Texas on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired securities of U.S. Concrete, Inc. ("U.S. Concrete" or the "Company") (NYSE: USCR) between March 6, 2015 and March 23, 2017, inclusive (the "Class Period"). The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
U.S. Concrete produces and sells ready-mixed concrete, aggregates, and concrete-related products and services for the construction industry in the United States.
According to the Complaint, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that the Company lacked effective internal controls over financial reporting and thus its public statements were materially false and misleading at all relevant times.
On March 24, 2017, U.S. Concrete filed a Current Report on Form 8-K with the Securities and Exchange Commission, announcing the resignation of the Company's CFO Joseph Tusa, and advising investors that the Company dismissed its previous auditor, Grant Thornton LLP, and engaged Ernst & Young LLP as its new public accounting firm.
Following this announcement, U.S. Concrete's share price fell $5.90, or 8.84%, to close at $60.80 on March 24, 2017.
Plaintiffs seek to recover damages on behalf of all Class members who invested in U.S. Concrete securities during the Class Period. If you invested in U.S. Concrete securities as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than May 29, 2017.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a U.S. Concrete investor and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The Firm has been named to the National Law Journal's "Plaintiffs' Hot List" thirteen times.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Northern District of Texas.
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SOURCE Bernstein Liebhard LLP