San Diego – (Businesswire): Haeggquist & Eck, LLP a shareholder rights litigation firm, announces that a class action lawsuit has been filed in the Eastern District of New York against Forterra, Inc. (“Forterra” or the “Company”) (NASDAQ: FRTA) for violations of the Securities Act of 1933 on behalf of investors who purchased the Company’s shares in connection with its October 21, 2016 initial public offering (the “IPO”). The IPO involved the sale of 18.42 million shares of Forterra common stock at $18 per share, raising more than $331 million in gross proceeds. After the IPO, as information about the Company’s business and finances has surfaced, Forterra’s common stock price has fallen and has traded at approximately 75% of its IPO price.
The class action alleges, among other things, that the Registration Statement filed on behalf of Forterra to undertake the IPO contained false and/or misleading statements, and/or failed to disclose material facts, including information concerning sales declines and pricing pressures in certain of the Company’s business lines and/or segments, and that Forterra had an undisclosed material weaknesses in its internal controls that prevented it from accurately reporting and forecasting its financial results. An October 13, 2017 deadline has been announced for the filing of lead plaintiff motions in the currently pending class action.
Forterra Shareholders Have Legal Options
Concerned Forterra shareholders, regardless of their date of purchase of Forterra, who would like more information about their rights and potential remedies, including remedies to the Company from the alleged misconduct of its executives and/or directors, may contact attorneys Amber Eck or Kathleen Herkenhoff at 619-342-8000, email@example.com or firstname.lastname@example.org.
Haeggquist & Eck, LLP is a nationally recognized leader in shareholder rights law. The firm represents individual investors in shareholder derivative lawsuits, and members of the firm have helped shareholders recover more than $1 billion of value for themselves and the companies in which they have invested.
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