NEW YORK--(BUSINESS WIRE)--The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Forterra, Inc. (NASDAQ: FRTA) who purchased shares between October 18, 2016 and August 14, 2017 and/or pursuant and/or traceable to the Company’s October 21, 2016 Initial Public Offering. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that the Registration Statement used to conduct the IPO contained inaccurate statements and omitted material information including that: (1) at the time of the IPO, organic sales in Forterra’s Drainage and Water segments had significantly declined; (2) Forterra was experiencing increased pricing pressure due to competition and continued softness in its concrete and steel pipe business; (3) Forterra had been losing business in its important pipe and precast business due in large part to operational problems at its production plants; and (4) Forterra had undisclosed material weaknesses in its internal controls that prevented it from accurately reporting and forecasting its financial results.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-sbm/forterra-inc?wire=2.
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.