NEW YORK, Aug. 29, 2017 /PRNewswire/ -- Scott+Scott, Attorneys at Law, LLP ("Scott+Scott"), a national shareholder and consumer rights litigation firm, announces that October 13, 2017, is the deadline for interested investors to move to be the lead plaintiff in the federal securities class action pending against Forterra, Inc. ("Forterra" or the "Company") (NASDAQ: FRTA), certain of its officers and directors, and the underwriters of its Initial Public Offering ("IPO"). If you purchased Forterra shares in or traceable to the Company's October 21, 2016 IPO, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information.
Forterra is a manufacturer of pipe and precast products. The Company offers products for a range of water-related infrastructure applications, including water transmission, distribution and drainage.
The lawsuit alleges that Forterra made materially false or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants' failed to disclose: (1) that organic sales in Forterra's Drainage and Water segments had significantly declined; (2) that, as such, the Company was not likely to experience organic growth; (3) that the Company was experiencing increased pricing pressures, operational problems at manufacturing plants, and rising bad debt expenses; (4) that the Company had material weaknesses in internal controls over inventory accounting; (5) and as a result of the foregoing, Defendants' statements were false and misleading.
Forterra common stock is currently trading below $4.00 per share, a decline of more than 75% from the IPO price of $18.00.
What You Can Do
If you purchased Forterra stock in or traceable to the Company's IPO and you wish to discuss this lawsuit, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at [email protected]. The deadline to move for Lead Plaintiff status is October 13, 2017.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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