GARDEN CITY, N.Y.--(BUSINESS WIRE)--JFJN Law (the “firm) announces the filing of a class action lawsuit against Forterra, Inc., (“FRTA” or the “Company”) (Nasdaq:FRTA). Investors who purchased or otherwise acquired shares between October 20, 2016 and the present, inclusive (the “Class Period”) are encouraged to contact the Firm in advance of the October 13, 2017 lead plaintiff motion deadline.
If you purchased shares in FRTA during the Class Period, please contact Justin Frankel, Esq. or Jason Newfield, Esq., of JFJN Law, 1-888-459-0507 or click here before October 13, 2017.
THERE HAS NOT BEEN A CLASS CERTIFICATION OF THIS CASE YET. UNTIL CERTIFICATION OCCURS, YOU ARE NOT REPRESENTED BY AN ATTORNEY. YOU MAY CHOOSE TO TAKE NO ACTION AND REMAIN A PASSIVE CLASS MEMBER.
According to the Class Action Complaint, FRTA made false and misleading statements in their Registration Statement. As a result, Forterra priced the October 21, 2016 IPO at $18.00 per share and issued and sold over 18 million shares.
The Class Action Complaint alleges, among other things, that Forterra’s ability to drive organic growth was misleading. As detailed in the Complaint, on May 15, 2017, the Company announced that, contrary to prior representations, it had no organic net sales growth for the first quarter of 2017, and its net sales growth had instead been driven exclusively by acquisitions. Following this announcement, Forterra stock dropped $4.79 per share, or approximately 24%, to close at $14.93 per share on May 15, 2017. Thereafter, on August 10, 2017, the Company reported that net sales growth for the second quarter of 2017 had once again been driven solely by acquisitions. On this news, the price of Forterra’s stock declined $4.76 per share, or approximately 57%, to close at $3.51 per share on August 10, 2017.
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If you suffered a loss in Forterra (FRTA). you have until October 13, 2017 to request that the Court appoint you as a lead plaintiff. Your ability to share in any recovery does not require you serve as a lead plaintiff.