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Forterra, Inc. (FRTA)

NasdaqGS:FRTA

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Forterra, Inc. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Forterra, Inc. (“Forterra” or the “Company”) (NasdaqGS:FRTA) of the October 13, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you purchased Forterra common stock issued pursuant and/or traceable to the Company’s October 21, 2016 initial public offering (the "IPO") and/or between October 18, 2016 and August 14, 2017 and would like to discuss your legal rights, please fill out the form below.  There is no cost or obligation to you.  You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Forterra common stock issued pursuant and/or traceable to the Company’s IPO and/or between October 18, 2016 and August 14, 2017.  The case, Disayawathana v. Forterra, Inc. et al No. 2:17-cv-04824 was filed on August 16, 2017, and has been assigned to Judge Arthur Donald Spatt.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that (1) the Company’s initiatives were not producing organic growth; (2) as such, the Company was not likely to experience organic growth; (3) the Company was facing increased pricing pressures, operational problems at is plants, and rising bad debt expenses; (4) the Company had material weaknesses in internal controls relating to inventory accounting; (5) as a result of the foregoing, Defendants’ statements were false and misleading.

Specifically, on May 15, 2017, the Company issued a press release revealing that it had created no organic growth for the first quarter of 2017. The Company also stated that it was continuing to work on its previously announced initiatives to improve income from operations, and that the Company expects these initiatives to require significant investment.

On this news, the Company’s stock price fell from $19.72 per share on May 12, 2017, to a closing price of $14.93 per share on May 15, 2017 – a $4.79 or a 24.29% drop.

Then, on August 10, 2017, the Company issued another press release, this time disclosing that it had produced no organic growth for the second quarter of 2017. The Company claimed that net sales were negatively Tropical Storm Cindy, excessive rainfall events around the country, unanticipated competitive pricing pressure in certain areas, and a decline in average sales prices of products sold.

Following this disclosure Forterra’s share price declined from $8.27 on August 9, 2017, to a closing price of $3.51 on August 10, 2017 – a $4.76 or a 57.56% drop.

Request Information

Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.

  • Case:
    Forterra, Inc. (FRTA)
  •    

* The submission of this form does not create an attorney-client relationship.

Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 08/15/2017

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