WASHINGTON, DC (August 16, 2017) — U.S. Market Advisors Law Group PLLC announces that a securities class action has been filed against Forterra, Inc. (“Forterra” or the “Company”)(NASDAQ:FRTA). The class action is on behalf of investors who acquired common stock of Forterra pursuant and/or traceable to the Company’s initial public offering (“IPO”) on or about October 21, 2016.
Investors with losses have until October 13, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. The Lead Plaintiff is a representative for absent members of the class. Investors do not need to seek appointment as Lead Plaintiff to share in any class recovery in this action. If you are a class member and there is a recovery for the class, you can share in that recovery as an absent class member. You may retain counsel of your choice to represent you in this action. Contact USMA Law Group to discuss this action.
Forterra manufactures pipe and various precast products. The Company offers products for a range of water-related infrastructure applications, including water transmission, distribution and drainage.
Allegations Against Forterra
The lawsuit alleges that the IPO Registration Statement and Prospectus contained inaccurate or misleading statements, and failed to disclose: that organic sales in the Company’s Drainage and Water segments significantly declined; that Forterra was experiencing increased pricing pressure due to competition and continued softness in its concrete and steel pipe business; that the Company had been losing business in its important pipe and precast business, due in large part to operational problems at its production plants; and that Forterra had undisclosed material weaknesses in its internal controls that prevented it from accurately reporting and forecasting its financial results.
Since the IPO, the share price of Forterra common stock has declined by nearly 75%, to close at $4.90 on August 15, 2017.
About USMA Law Group
U.S. Market Advisors Law Group PLLC is a national law firm based in Washington, D.C. The firm represents investors worldwide in U.S. securities class action lawsuits.
David P. Abel