Forterra, Inc. (FRTA)
Hagens Berman reminds investors in Forterra, Inc. (NASDAQ: FRTA) of the October 13, 2017 Lead Plaintiff deadline in the pending securities class action filed in the United States District Court for the Eastern District of New York.
If you purchased or otherwise acquired common stock of Forterra pursuant and/or traceable to the Company’s initial public offering on or about October 21, 2016 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing FRTA@hbsslaw.com.
On or about October 21, 2016 Defendants priced the Company’s initial public offering (“IPO”) for the issuance of 18.42 million shares at $18.00 per share. Since then, the price of Forterra shares has fallen to close at $4.44 per share on August 14, 2017.
The lawsuit alleges that the IPO Registration Statement and Prospectus omitted disclosures of information that reasonable investors would consider important such as failure to accrue expenses leading up to the IPO and material weaknesses in internal controls relating to “bill-and-hold” revenue transactions.
“Among other things, we’re focused on are the Defendants’ omissions from the IPO Prospectus that appear to have wiped out 75% of shareholder value since late October 2016,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Forterra should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email FRTA@hbsslaw.com.
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