NEW YORK, May 15, 2017 /PRNewswire/ -- Wolf Popper LLP is investigating potential claims on behalf of investors in Forterra, Inc. (NASDAQ: FRTA) resulting from Forterra's May 15, 2017 disclosures of financial results for the first quarter ended March 31, 2017. Forterra investors can contact Fei-Lu Qian at 877.370.7703 or firstname.lastname@example.org for more information.
On May 15, 2017, before the market opened, Forterra reported net sales of $338.3 million for the first quarter of 2017, compared to $187 million in the prior year quarter. None of the sales growth came from organic growth. Rather, sales growth was "attributable to the impact of acquisitions that increased net sales by $163 million." In addition, Forterra reported a consolidated net loss of $22.5 million, or $0.35 loss per share. Forterra's Chief Executive Officer commented that the company's "earnings results for the quarter were impacted by a number of factors that unfortunately will persist through the second quarter of 2017."
Forterra's May 15, 2017 disclosures conflicted with its prior statements of existing facts, including statements in its March 30, 2017 fourth quarter 2016 earnings release and conference call.
On these disclosures, Forterra's shares fell by $4.79 per share, or over 24%, to close at $14.93 per share on May 15, 2017.
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SOURCE Wolf Popper LLP