Saxena White P.A. Files Securities Fraud Class Action Against Forterra, Inc.
Boca Raton, September 27, 2017
BOCA RATON, FL— Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Eastern District of New York against Forterra, Inc. (“Forterra” or the “Company”) (NASDAQ: FRTA) on behalf of investors who purchased or otherwise acquired: (1) Forterra common stock issued pursuant and/or traceable to the Company’s false and misleading Registration Statement and Prospectus issued in connection with Forterra’s October 19, 2016 initial public stock offering (the “IPO”); and (2) the common stock of the Company between October 20, 2016 and August 9, 2017, inclusive (the “Class Period”).
Forterra manufactures pipe and precast products in the U.S. and Eastern Canada for water-related infrastructure applications, including water transmission, distribution and drainage. The Company provides infrastructure components for construction projects in residential, non-residential, and infrastructure markets.
The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. The Complaint brings forth claims for violations in both the Securities Act of 1933 and the Securities Exchange Act of 1934.
Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) at the time of the IPO, organic sales in Forterra’s Drainage and Water segments had significantly declined; (ii) the Company was experiencing increased pricing pressure due to competition and continued softness in its concrete and steel pipe business; (iii) Forterra had been losing business in its important pipe and precast business due in large part to operational problems at its production plants; (iv) the Company had undisclosed material weaknesses in its internal controls that prevented it from accurately reporting and forecasting its financial results; and (v) as a result of the foregoing, Forterra’s public statements were materially false and misleading at all relevant times. As a result of this fraudulent scheme, Defendants were able to artificially inflate the Company’s financials throughout the Class Period.
You may obtain a copy of the Complaint and join the class action at www.saxenawhite.com.
If you purchased Forterra stock during the IPO or at any time between October 20, 2016 and August 9, 2017, you may contact Lester Hooker (firstname.lastname@example.org) at Saxena White P.A. to discuss your rights and interests.
If you purchased Forterra common stock during the IPO or throughout the Class Period of October 20, 2016 and August 9, 2017 and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court by no later than October 13, 2017. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., with offices in Florida, New York, and Massachusetts, concentrates its practice on prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.
Lester R. Hooker, Esq.
Saxena White P.A.
5200 Town Center Circle, Suite 601
Boca Raton, FL 33486
Tel: (561) 206-6708
Fax: (866) 290-1291