RADNOR, Pa., Aug. 18, 2017 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Forterra, Inc. (Nasdaq: FRTA) ("Forterra" or the "Company") on behalf of purchasers of the Company's common stock issued pursuant and/or traceable to the Company's initial public offering on or about October 21, 2016 (the "IPO").
Investors who purchased Forterra common stock pursuant or traceable to the Company's IPO may, no later than October 13, 2017, petition the Court to be appointed as a lead plaintiff representative of the class. For additional information please visit https://www.ktmc.com/new-cases/forterra-inc#join.
Forterra investors who wish to discuss their legal rights or interests with respect to this action are encouraged to contact Kessler Topaz Meltzer & Check (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (888) 299 – 7706 or (610) 667 – 7706, or via e-mail at email@example.com
Forterra manufactures pipe and various precast concrete products. On or about October 21, 2016, Forterra completed its IPO of common stock, selling 18.4 million shares of stock to investors at $18 per share for gross proceeds of $331 million.
Among other things, the shareholder class action complaint alleges that the offering materials prepared and issued in connection with Forterra's IPO failed to disclose that: (i) organic sales at Forterra had declined in the months leading up to the IPO; (ii) the Company was experiencing increasing pricing pressure due to competition; (iii) operational problems had caused delays and the delivery of defective products, leading to lost business; (iv) the Company had not properly accrued expenses prior to the IPO, leading to an underreporting of expenses and overstatement of profits at the time of the IPO; and (v) the Company had numerous defective internal controls.
Forterra shareholders may, no later than October 13, 2017, petition the Court to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a 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 in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
SOURCE Kessler Topaz Meltzer & Check, LLP