NEW YORK, Aug. 31, 2017 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of Forterra, Inc. securities (NASDAQ:FRTA) pursuant to and/or traceable to the Registration Statement and Prospectus issued in connection with Forterra’s October 21, 2016 initial public offering (the “Offering”). The lawsuit seeks to recover damages for Forterra investors under the federal securities laws.
To join the Forterra class action, go to the firm’s website at http://rosenlegal.com/cases-1195.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The complaint alleges that the Registration Statement used to conduct the IPO contained inaccurate statements and omitted facts necessary to make other statements made therein not misleading. Among other things, 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, that Forterra was experiencing increased pricing pressure due to competition and continued softness in its concrete and steel pipe business, 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 that Forterra had undisclosed material weaknesses in its internal controls that prevented it from accurately reporting and forecasting its financial results. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 13, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://rosenlegal.com/cases-1195.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Since 2014, Rosen Law Firm has been ranked #2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors.