NEW YORK, Aug. 15, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Forterra, Inc. ("Forterra" or the "Company") (NASDAQ: FRTA) securities and certain of its officers, on behalf of a class who purchased Forterra common stock issued in connection with the Company's October 21, 2016 initial public offering (the "IPO"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/frta.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1933.
The complaint alleges that the Registration Statement issued in connection with the IPO contained inaccurate statements and omitted facts necessary to make other statements made therein not misleading. Specifically, the complaint alleges that: (1) the Registration Statement failed to disclose, at the time of the IPO, that organic sales in Forterra's Drainage and Water segments had significantly declined; (2) that Forterra was experiencing increased pricing pressure due to competition and continued softness in its concrete and steel pipe business; (3) that Forterra had been losing business in its important pipe and precast business due to in large part to operational problems at its production plants; and (4) that Forterra had undisclosed material weaknesses in its internal controls that prevented it from accurately reporting and forecasting its financial results.
Forterra's IPO was successful and the underwriters, who sold 18.42 million shares of Forterra common stock to the public at $18 per share, raised over $331 million in gross proceeds. Once true details regarding the Company's business and finances were made public, Forterra common stock dropped and now trades at roughly 75% of its IPO price.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/frta or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Forterra you have until October 13, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.